Hyderabad, March 1 -- The Cyberabad police solved eight cases of cybercrime in a week and arrested 11 people in connection with these cases from February 20-26.

According to the police, nine of the accused were involved in online trading fraud.

Major trading app scam busted

In a major trading app scam, the Cyberabad police busted fraudsters who used social media advertisements through a forged "Monarch Finance" app falsely claiming association with Monarch Networth Capital, wherein the victim was lured via Instagram and induced to invest in fake institutional trades promising 300 per cent returns, resulting in a net loss of Rs 1,16,65,000.

Modus operendi

One of the victims who came across the advertisement on social media was added t...