Chennai: City cybercrime police have uncovered a complex network behind an online investment fraud that cost a 69-year-old retired bank employee Rs 3.4 crore. Police arrested a 52-year-old man from Visakhapatnam in Andhra Pradesh and froze Rs 21 lakh in his account.The victim received a WhatsApp message from a person posing as Rajiv Mehta, chief investment officer of a Bengaluru-based investment firm. The person added him to a group called “FYERSHNIVIP” and promised high returns, police said.The fraudsters posted fabricated messages showing group members earning profits. Believing their claims, the victim transferred about Rs 3.4 crore in 13 instalments to bank accounts in different states .He realised he had been cheated when the promised returns did not arrive and the contacts became unreachable. He alerted the cybercrime helpline at 1930 and filed a complaint with the Chennai Police Commissioner’s office.A special team, acting on the directions of Commissioner A Amalraj, traced the transactions to Visakhapatnam. It arrested Konathala Krishna, 52, of Merudi in Anakapalli mandal. A court remanded him in judicial custody.Investigators found that the money had passed through 20 layers involving 150 banks and 27 payment applications before reaching 8,574 bank accounts. Police froze the recipient accounts and recovered about Rs 21 lakh.Police said cyberfraud networks often use bank account holders to route illicit funds. They warned current account holders not to share their bank accounts, SIM cards, mobile phones or online banking credentials in return for commissions or other benefits.The Cyber Crime Wing urged people to verify investment offers received through WhatsApp and social media. Victims of online financial fraud can call 1930 or report the offence through the National Cyber Crime Reporting Portal.
