Jobless youth tricked to ‘rent out’ bank account to stranger
He was promised of 1% commission on value of transactions in bank account; Sivaganga Cyber Crime Police arrested him on cheating charge
A jobless youth, M. Dinesh Kumar (34) of Namakkal, who allowed a stranger to operate his bank account on ‘rental basis’ has been arrested by Sivaganga Cyber Crime police on charges of cheating a stock-market investor from Sivaganga to the tune of ₹15.8 lakh.
The police said that the stock-market investor had seen an advertisement in social media about higher returns on investing in trading.
The man had invested ₹45.26 lakh by depositing them in four different bank accounts during the month of June 2024.
However, when he realised that he had been cheated, he lodged a complaint with the Cyber Crime police in Sivaganga district.
Based on his complaint, the plice traced one of the bank account holders, identified as Dinesh Kumar.
Dinesh Kumar had the bank account in a nationalised bank in Namakkal under the name Eniyan Associates. When the police found ₹19 lakh in his account, they froze the account out of which Rs. 15.8 lakh belonged to the stock-market investor.
Subsequently, the police arrested Dinesh Kumar.
Interrogation revealed that Dinesh Kumar, an MBA graduate had incurred loss in a logistics business.
‘Rental’ bank acount
He had met a stranger at a tea-shop, who lured him to open a bank account and allow him to operate it on ‘rental basis’.
“The stranger had given him 1% of the total transactions in his account. The account had a total transaction of Rs. 3 crore in one month and the youth had been paid ₹3 lakh for this,” Additional Superintendent of Police, Cyber Crime, S. Namasivayam, said.
The youth had agreed for ‘renting’ his account lured by the ‘returns’ due to his poor financial situation.
Dinesh Kumar had opened the bank account giving his personal details to the bank. He had given the bank passbook, debit card, and also shared his e-mail address and password for netbanking with the stranger.
The police suspect that the stranger has been operating the bank account from outside India. He has been using the bank accounts of Dinesh Kumar to dupe others on the promise of higher returns on investing in stock-market. The Cyber Crime police are trying to trace him.
The Cyber Crime police have warned people against getting trapped by tricksters by sharing with them their bank account details.
“We have also alerted the banks about such frauds. The bank managers have been asked to alert the local police if they find any unusually higher amount of transactions done by any account holder,” Mr. Namasivayam said.
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