Mumbai Residents Arrested in Rs 2.87 Crore Online Trading Scam
Cyber police in Nagpur have apprehended two individuals linked to a significant online trading fraud involving Rs 2.87 crore.
Two suspects arrested in Mumbai for a Rs 2.87 crore fraud.
The scam involved a fake share trading platform.
Police seized multiple items including bank account kits and laptops.
In a significant breakthrough, the cyber police in Nagpur have arrested two individuals from Borivli, Mumbai, in connection with an online share trading fraud amounting to Rs 2.87 crore. The arrests were made as part of an investigation into an interstate banking racket that allegedly has ties to cyber crime networks based in Hong Kong and Dubai.
The investigation revealed that the fraud was orchestrated through a fake share trading platform, which lured a Nagpur resident into investing a substantial amount of money. The victim was initially attracted by a social media advertisement and was subsequently added to a group where the fraudsters convinced him to invest further. In total, the victim was deceived in 33 transactions.
During the operation, police seized a variety of items including 26 bank account kits, 11 debit cards, two laptops, and 11 mobile phones. Notably, investigators discovered that one corporate bank account was used to transfer funds to 38 accounts through 39 transactions in a mere 24 seconds, highlighting the sophisticated nature of the scam. The police have formed a special investigation team led by DCP Mahak Swami, with senior inspectors Satish Ade and Sudhir Borkute overseeing the case.
The first suspect, Kakasaheb Durunde, was apprehended on October 15. Evidence suggests he managed current accounts for several private companies, which were exploited by the cyber fraud network. Following a six-day operation in Borivali, police identified and arrested two additional suspects, Bhupendra Mahavir Jain and Yogesh Parasmala Jain, on October 30. The authorities are actively pursuing other members of the gang and their international associates.
The implications of this case are significant, as it underscores the growing threat of online financial fraud and the need for increased vigilance among investors. The police are urging the public to be cautious of unsolicited investment opportunities, especially those promoted through social media. As the investigation continues, further arrests may be anticipated as authorities work to dismantle the entire network involved in this fraudulent scheme.
