Bhopal, Dec 15 (PTI) The Madhya Pradesh police have arrested five members of a cyber gang for defrauding a complainant of nearly Rs 5 crore under the pretext of foreign exchange trade, officials said on Sunday.

The Indore crime branch made the arrests from Nagpur in Maharashtra, Raipur in Chhattisgarh, and Surat and Bharuch in Gujarat, an official from MP police headquarters said in a release.

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The release said the accused made the complainant download a software “Mstock Max” that showed bogus profits.

Initially, he was lured by showing a fake profit of Rs 40,000 on an investment of Rs 10,000. The gang then sweet-talked the complainant to transfer Rs 4.85 crore to various bank accounts, it stated.

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The complainant tried to withdraw money after the software showed a “profit” of Rs 16 crore, but could not succeed. The gang members soon became unreachable, the release said.

According to the press release, the Indore crime branch had already arrested four accused in this case.

Recently, the fifth accused, Hiren Patel, was taken into custody from Bharuch district of Gujarat. Patel told police he had created a fake company named ‘Manav Enterprises' and transferred Rs 50 lakh to a few gang members. Out of this, Rs 30 lakh was sent to Dubai, the release stated.

Police have so far recovered Rs 75 lakh belonging to the complainant and another Rs 70 lakh has been frozen in various bank accounts, which will be returned after court procedures, said the release, adding that the accused are being questioned to gather more information about other members of the gang and their network.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)