Three arrested for stock trading fraud on Facebook

Three youths have been arrested by the Kochi city police for allegedly defrauding people of Rs 52.22 lakh by promising high returns from stock market trading through a Facebook profile, police said on Wednesday.

Muhammed Altaf Hussain (21) and Muhammed Shiyas (29) from Alappuzha and Muhammed Shabib (23) from Malappuram were arrested on Tuesday following a complaint, the police said.

The trio operated the fraud by targeting individuals with promises of high profits from stock trading, after creating a Facebook profile.

A detailed inquiry is underway, said the Kochi city police.