Two Arrested for Supplying Mule Accounts in ₹24.9 Million "HEM-securities" Trading Scam

Chennai Police’s cybercrime wing has arrested two individuals for supplying mule accounts used in an online trading scam that defrauded a 70-year-old woman of ₹24.9 million.

The victim was lured via WhatsApp to install a fake trading app named “HEM-securities.” Fraudsters showed fabricated profits and convinced her to transfer large sums to unlock returns. Between December 2024 and January 2025, she made nine transfers to eight bank accounts.

Her withdrawal attempts were blocked, and further deposits were demanded, prompting her to file a complaint.

Investigators traced one Karur Vysya Bank account to a hotel in Tirupur, which was used to route proceeds of crime. The hotel owner had handed over account credentials to J Jayaraj (32), who passed them to K Ramkumar (32) of Thoothukudi for a commission. Both confessed to supplying multiple mule accounts linked to cybercrime cases across several states.

The accused were produced before a magistrate and remanded in judicial custody. Chennai Police urged the public to remain vigilant against fraudulent trading platforms that promise high returns.

Mule accounts are frequently exploited in fraudulent schemes to funnel illicit funds. Starting in October, Singapore authorities will begin implementing new restrictions targeting scam mules.

BrokersView Reminds You

The app “HEM-securities” closely mimics the name of Hem Securities, a SEBI-registered stock trading platform, which indicates likely fraudulent impersonation. Be cautious of any investment schemes that promise easy, high returns through unverified trading apps or websites. These are often scams.

If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.