The Kochi City police have expanded their probe into the alleged cyber stock trading fraud, in which a city-based pharmaceutical businessman reportedly lost ₹25 crore, to Hyderabad.
A police team has travelled to Hyderabad to trace the suspected layer one account holders who allegedly played a key role in the scam. A layer one account, in cyber crime parlance, refers to the first account used to receive the proceeds of a crime. It is suspected that around ₹16 crore of the defrauded ₹25 crore was transferred to accounts based in Hyderabad.
The police had made a breakthrough in the investigation into the alleged fraud by nabbing three persons from Kozhikode, who, according to investigators, played a crucial role in the chain of activities involved in the alleged crime.
The alleged fraud occurred over two years between March 2023 and August 2025.
Published – November 13, 2025 01:42 am IST
