India, May 7 -- A 35-year-old man who opened bank accounts for cyber frauds was arrested on Sunday. The latest case that led to his arrest involved a freelance consultant who was duped to the tune of Rs.1.62 crore in return for huge profits in online share trading. The arrested accused, Ikaullah Samiullah Syed, was tracked after the police found the defrauded money was deposited his bank account.

The complainant is a 50-year-old consultant who lives in Kandivali. Police said she came across a share trading post on social media in February and opened the link it directed her to. The link took her to a WhatsApp group that already had 157 members. The group name was similar to a reputed company and was reportedly used to share information r...