Hyderabad (Telangana) [India], August 29 (ANI): Cyber Crime Police of Cyberabad on Monday nabbed a gang of cyber fraudsters, who targeted innocent people in the name of an online trading application.
According to Cyberabad Commissioner Stephen Ravindra, the accused used ‘Market Box’ trading to carry their fraudulent activities and cheated a sum of Rs 27,90,000.
The accused have been identified as Abhishek Jain (resident of Uttar Pradesh), Pawan Kumar Prajapat (resident of Rajasthan), Akash Roy (resident of Rajasthan), Krishna Kumar (resident of Uttar Pradesh), and a case under sections 419,420 and section 66C and 66D of IT Act has been registered.
“Abhishek Jain developed trading application: ‘Market Box/MB’ www.marketbox.in, promoted it on various WhatsApp and Telegram groups. This application is similar to Multi Commodity Exchange (MCX) but is not registered with SEBI. There are about 3000 traders registered on this fake app,” stated commissioner.
“He lured the customers through promoting and advertising his trading app on various chat groups on different platforms. To receive investments from victims, he shared the Merchant Pool Account (MPA) of Akash. Pawan Kumar Prajapat maintained a Jodhpur-based Fintech company. This MPA is linked to the market box through the API (Application Programming Interface) of the Market Box. He also shared regular bank accounts of Pawan and Akash associates from Rajasthan and Kolkata,” stated further.
The commissioner also informed that after an investment or pay-in from the victim, it is reflected against his balance on Market Box ID using which victim trades. The investments received from victims are diverted through multiple accounts. Krishna has been receiving cash for about two years from merchants in Varanasi and nearby areas. Pawan and Akash receive a commission of 10 per cent from the investments received by Abhishek. Pawan and Akash were arrested from Jodhpur and recovered mobile phones containing evidence.
Based on their confession, Abhishek and Krishna were arrested from Mughalsarai town of Chandauli district of UP state and seized Rs 9.8 crores cash from the office of A1. (ANI)
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Source: The Print
