HYDERABAD:  Hyberabad police have busted a gang of inter-state cyber fraudsters at  Cyberabad, an area on the outskirts of Hyderabad and seized about Rs 10 crore, said to be the largest recovery in a cybercrime case in the country.

The police detained four accused for targeting innocent persons in the name of online trading by using Market Box trading application.

According to Stephen Ravindra, the commissioner of the Cyberabad Police, the suspects had cash valued at Rs 9.81 crore recovered from them. Police claim that the criminals defrauded the complainant of Rs. 27.90 lakh.

The complainant started trading online using the "Market Box" trading application. His initial investment was around Rs 9,999, but he lost it all. Then he traded and made a second deposit of 10 lakh rupees, earning Rs 14.9 lakh. He kept trading in a similar manner, investing about Rs 62.6 lakh and earning Rs 34.7 lakh. He lost Rs. 27.90 lakh during this process. He went to the police after he realised it was a scam.

A case was registered under sections 419 and 420 of the Indian Penal Code (IPC) and section 66C 66D of IT Act.
Abhishek Jain, a 32-year-old commodity dealer from Uttar Pradesh, was detained by police. He was the primary suspect in charge of the Market Box trading app.

Bank accounts were issued by Rajasthan citizens Pawan Kumar Prajapat and Akash Roy, who are both involved in the fintech industry.

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