 "Stock Market Scam: Kerala doctor couple duped of Rs 7.65 crore; Three including Taiwanese nationals arrested")
synopsis
A high-profile stock market scam has been exposed in Kerala, where fraudsters, including Taiwanese nationals, duped a doctor couple from Cherthala of Rs 7.65 crore. The accused, arrested by a special investigation team, used advanced software and VPNs to intercept OTPs and execute fraudulent transactions.
Alappuzha: Three individuals, including two Taiwanese nationals and an Indian citizen from Jharkhand, have been taken into crime branch custody for allegedly defrauding a doctor couple from Cherthala of Rs 7.65 crore under the pretense of stock market investments. The accused were produced in court before being taken into custody.
Accused Individuals & Arrest Details
The arrested individuals have been identified as: Sung Mu Chi (Mark, 42) – Taiwan, Chang Ho Yun (Marco, 34) – Taiwan, Saif Haider (29) – Jharkhand, India
A special investigation team apprehended the accused from Gujarat, where they had been operating. The case also involves two other Taiwanese nationals, Wang Chun Wei (Sumok, 26) and Shen Wei Ho (Krish, 35), who were earlier arrested and interrogated in Sabarmati Jail. Their questioning led investigators to Mark and Marco, confirming their involvement in the fraud.
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Role of the Accused
Marco, a highly educated individual who completed higher studies in the U.S., later returned to Taiwan and subsequently moved to India for fraudulent activities. His expertise was in creating virtual private networks (VPNs) to facilitate online fraud.
Mark was responsible for developing software that allowed scammers to intercept One-Time Passwords (OTPs) from victims, enabling unauthorized financial transactions.
Saif Haider specialized in computer hardware and provided technical support for the scam.
Investigation & Seizures
The Kerala police team tracked the scam through mobile phone records, uncovering links to Taiwanese nationals. A sum of Rs 12 lakh has been recovered so far. The special investigation team (SIT) from Kerala took custody of the accused after their remand period ended in Visakhapatnam Jail. They had been arrested earlier for similar cyber fraud cases in Gujarat and Visakhapatnam.
How the Fraud was Committed
The accused targeted Dr. Vinayakumar, a cardiology specialist at Alappuzha Medical College, and his wife Dr. Ayesha, a dermatologist from Cherthala. Large sums of money were siphoned off from their bank accounts. The fraudsters used sophisticated software to obtain OTPs and access banking credentials remotely.
Earlier, three Indian nationals from Kozhikode, identified as Muhammad Anas (25), Praveesh (35), and Abdul Samad (39), were also arrested but later released on bail.
Legal Action & Next Steps
The investigation was led by Alappuzha DYSP Madhu Babu and his crime branch team, who presented the accused before the court. After completing the legal proceedings, the accused were transferred to Alappuzha for further questioning.
Authorities are continuing their investigation to trace the full extent of the fraud network, including potential international connections in Taiwan and other countries.
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