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NEw new delhi, police force hither feature busted a cyber hoax syndicate that allegedly cheated people across several states of more than ₹10 crore through fake online trading platforms.Four members of the network have been arrested. The action comes after a case was registered on June 14 on the complaint of a man who lost ₹49.35 lakh to a fraudulent investment website, officials said on Saturday.The police said that the scrutiny of the bank accounts linked to the accused revealed their involvement in over 67 cybercrime complaints and FIRs across Karnataka, Maharashtra, Gujarat, Tamil Nadu and other states.The complainant had told police he was first contacted on a messenger by a woman who persuaded him to invest in what appeared to be a legitimate trading platform but turned out to be a fraud, the police said.The police tracked the trail of transactions and arrested four accused Atul Kumar , Varsha Sharma , Ajay Sharma and a 54-year-old woman on November 20.According to investigators, the syndicate operated through a network of "mule" bank accounts opened using documents of financially vulnerable persons. These accounts were used to receive and divert proceeds of the fraud.Ajay Sharma, described as a key operative, allegedly arranged multiple such accounts and supplied their credentials to other members of the racket.Atul Kumar and Varsha Sharma were found to be holding mule accounts through which ₹3.69 lakh of cheated funds were routed, while the woman allegedly received ₹3 lakh in her account, police said.Some of the cases linked to the accused are related to 'digital arrest' frauds, a fast-growing cybercrime in which victims are coerced into transferring money under the guise of legal action.Further investigation is underway, the police added.This article was generated from an automated news agency feed without modifications to text.

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Inter-state cyber fraud syndicate busted, 4 arrested

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