Kerala Gang Busted For Selling Fake Bank Accounts For Share Market Fraud In MP's Bhopal

Bhopal (Madhya Pradesh): The local crime branch police arrested four members of a gang from Malappuram and Kozhikode, Kerala, for selling fake bank accounts used in Rs 9.35-lakh share market investment scam.

The accused lured victims by promising high returns through fake applications and blocked accounts once large investments were made, said police on Monday.

According to police reports, the case was filed after complainant Mohammad Jainul of Kohefiza, Bhopal, was duped of Rs 9.35 lakh via an app named PMHDFC, linked to a fake company called Sahaj Solar.

The fraudsters initially returned small investments to build trust but when larger sums were deposited, the victims’ accounts were blocked and money was siphoned off abroad through ATMs in Dubai.

During the probe, investigators traced WhatsApp numbers, fake applications, and fraudulent accounts used in the crime. Four accused Muhammad Nabeel, Shamshad P, Ashiq Sajir T, and Mohammad Danish CK were arrested for selling bank accounts to cyber criminals and facilitating fund transfers overseas. Police seized passbooks, ATM cards, passports, mobiles, and SIM cards.

Earlier, eight other suspects from Kerala and Maharashtra were arrested for similar roles in the racket, including arranging fake accounts and selling them for commission, said police.

Officials confirmed that gang’s modus operandi involved creating or buying bank accounts at high prices, reselling them to cyber fraudsters abroad and withdrawing defrauded money in foreign currencies. Further investigation is underway.