Malappuram/IBNS: The Malappuram Cyber Crime Police has arrested a suspect believed to have distributed SIM cards to online trading fraudsters, whose act caused a substantial loss of Rs 1.08 crore to a single person, media reports said.

The accused -Abdulroshan (46), a resident of Delhi, was arrested from his rented accommodation in Karnataka's Madikeri.

The police recovered 40,000 SIM cards, 180 mobile phones and 6 biometric readers from his possession.

Mobile shops, which were working as part of Abdul's network, collected fingerprints of customers without their knowledge and used them to activate SIM cards for cyber fraud.

District Police Chief S Sasidharan said that an investigation was initiated based on a complaint lodged by a Malappuram resident who reported a loss of Rs 1.08 crore.

Investigation revealed that Abdulroshan facilitated the acquisition of SIM cards for a gang involved in extorting money through fraudulent online stock market websites.

The Malappuram resident came across one such link to a counterfeit stock market site on Facebook. Upon clicking the link, the person was enticed with lucrative offers and compelled to deposit money into various bank accounts.

Eventually, the victim realised that his investments were all in vain and he received no returns.