Kerala: Cyber Fraud Proceeds Turned Into Rs 62 Lakh Gold, Main Accused Arrested After 45 Days on the Run
Kalamassery Police in Kochi have arrested Shahid Suleiman, 31, of Chembrassery in Malappuram, the main accused in a case where cyber fraud money was used to buy Rs 62 lakh worth of gold from a leading jewellery store. He had been hiding in Bengaluru, Wayanad and Kozhikode for about a month and a half. Police seized a BMW car and a fake Aadhaar card.
Kalamassery Police in Kochi have arrested the main accused in a case in which money obtained through cyber fraud was used to buy Rs 62 lakh worth of gold from a leading jewellery store.
The accused, Shahid Suleiman, 31, of Chembrassery in Malappuram district, was arrested with the help of Manjeri Police. He had been on the run for about a month and a half after the fraud, moving between hideouts in Bengaluru, Wayanad and Kozhikode.
Police seized the BMW car he was travelling in and a fake Aadhaar card. He was produced in court and remanded.
A special investigation team is searching several locations to trace the other accused in the case.
Laundering Through Gold
Converting stolen cyber fraud money into gold is a common way to break the money trail. Once victims' funds pass through mule accounts, a single high-value jewellery purchase turns traceable bank money into a portable, easily resold asset. Jewellers handling large purchases are a key checkpoint, and identity checks and source-of-funds scrutiny at the counter can flag such transactions early.