Kochi Cyber Police arrested two individuals, Shibin Francis and Libin Cyriac, in connection with a ₹25 crore online trading fraud. The accused operated a fraudulent investment platform named ‘Mark Traders,’ promising high returns through forex trading.
Investigations revealed the scheme targeted individuals primarily in Kerala, but also extended to other states. The platform attracted investors with claims of substantial profits in a short period, utilizing a multi-level marketing (MLM) structure to expand its reach. New investors were incentivized to recruit others, creating a pyramid-like scheme.
Police estimate over 5,000 people were defrauded, with losses totaling approximately ₹25 crore. The accused allegedly used the collected funds for personal expenses and to maintain a lavish lifestyle.
The cyber police initiated the investigation following numerous complaints received regarding the fraudulent platform. Digital evidence collected during the investigation confirmed the deceptive nature of ‘Mark Traders’ and the accused’s involvement.
Both Shibin Francis and Libin Cyriac were produced before a court and remanded in judicial custody. Police are continuing their investigation to identify other individuals involved in the scam, including those who benefited from the fraudulent scheme and those responsible for promoting the platform.
Authorities are also working to trace and recover the defrauded funds, a complex process given the alleged misuse of the money. The cyber police have advised the public to exercise caution when investing in online trading platforms and to verify their legitimacy before making any financial commitments. They emphasized the importance of avoiding schemes promising unrealistically high returns. Further investigation is underway to determine the full extent of the fraud and bring all perpetrators to justice.
