Alleged online fraud: two youths arrested

The Hill Palace police arrested two youths in connection with an alleged online stock trading scam in which a Thiruvankulam-based businessman reportedly lost nearly ₹1.08 crore.

The accused, Adil Meeran, 23, of Pothanikkad and Mohammed Yasin, 22, of Thodupuzha, were arrested on Monday night. The duo were arrested after the police found that their bank accounts were among those used to allegedly route the complainant’s money.

The complainant was tricked into the fake stock trading deal through Telegram, according to the police. The complainant transferred around ₹1.08 crore to different accounts between January and July this year after he was promised higher returns on investments in a particular company. He kept transferring money believing that the profit shown on the website of the fake trading platform was true. The police said more arrests were likely in the case.