Kolkata Police : Arrest Man in ₹3.35 Crore Online Stock Scam Case
Kolkata Police: have arrested a man from West Bengal’s South 24 Parganas district in connection with a large-scale cyber fraud that allegedly defrauded a city resident of ₹3.35 crore. The arrest follows an investigation into a suspected online investment scam that promised unusually high returns through stock market trading.
Arrest Following Cyber Crime Investigation
The accused, identified as Hasan Molla, was taken into custody by the Cyber Crime branch of the Kolkata Police after what officials described as a detailed and methodical investigation. Molla was apprehended from the Bishnupur area of South 24 Parganas on Wednesday. Authorities confirmed the arrest on Thursday, stating that the case involves sophisticated digital deception techniques.
Victim Lured Through Messaging Platform
According to police officials, the victim, Ashish Kumar Ghora, is a 56-year-old resident of Entally in central Kolkata. Investigators said Ghora was drawn into a WhatsApp group that appeared to function as an investment advisory forum. The group allegedly offered guidance on stock market investments, claiming that members could earn significant profits within a short time.
False Promises of High Investment Returns
Police sources stated that once added to the group, the victim began receiving regular messages recommending specific investment opportunities. These messages allegedly portrayed stock trading as low-risk and highly profitable. Trusting the information shared in the group, Ghora reportedly transferred funds in multiple installments, ultimately totaling approximately ₹3.35 crore, to various bank accounts.
Withdrawal Attempts Raise Alarm
The fraud came to light when the victim attempted to withdraw his supposed investment returns and found himself unable to do so. Repeated efforts to access the funds reportedly failed, prompting suspicion. It was at this stage that Ghora realised he had likely been deceived and decided to approach law enforcement authorities for help.
Formal Complaint Triggers Probe
Following the discovery, Ghora filed a formal complaint with the Cyber Crime branch of the Kolkata Police. The complaint outlined the sequence of events, including the WhatsApp communications and the financial transactions made under the alleged guidance of the group. Based on this information, investigators initiated a case and began tracing the money trail.
Use of Forged Regulatory Identities
During the investigation, police uncovered evidence suggesting that the accused used forged identities and fabricated materials to lend credibility to the operation. Officials said the group allegedly misused the names and logos of the Securities and Exchange Board of India and the US Securities and Exchange Commission. Fake documents were also reportedly shared to reassure the victim about the legitimacy of the investments.
Funds Traced to Multiple Accounts
A preliminary financial analysis revealed that the defrauded amount was dispersed across several bank accounts. Police sources indicated that ₹22.5 lakh from the total sum was transferred to an account registered under the name MS Masud Construction. Investigators believe this account was used as part of the money-routing process.
Alleged Diversion of Illicit Proceeds
Authorities allege that Hasan Molla diverted the funds he received through fraudulent means. While the exact usage of the money is still under scrutiny, police suspect that the transactions were structured to make tracking difficult. Further forensic analysis of bank records and digital communications is ongoing.
Possible Larger Network Under Investigation
Investigators are now examining whether the scam involved more individuals beyond the arrested accused. Police officials said they are exploring the possibility of a wider syndicate operating behind the scenes, potentially targeting multiple victims using similar methods. Further arrests have not been ruled out as the investigation continues.