Three Arrested in Nagpur for Major Share Trading Scam
Three individuals from Nagpur have been apprehended in connection with a significant share trading fraud, linked to 73 cyber crime cases nationwide.
The trio is implicated in a share trading scam, defrauding a victim of ₹58.72 lakh.
Police seized multiple items, including bank documents and SIM cards, during the arrests.
The investigation revealed connections to 73 cyber fraud cases across India.
In a significant crackdown on financial fraud, Mumbai police have arrested three men from Nagpur linked to a share trading investment scam. The arrests were made on November 4, following a detailed investigation that uncovered their involvement in at least 73 cyber fraud cases across India, including six cases in Mumbai itself.
The South Cyber Police Station of the Mumbai Crime Branch initiated the investigation after receiving a complaint on September 9 from a victim who claimed to have been defrauded of ₹58.72 lakh between June 10 and September 8. The victim was allegedly lured by a woman named Meera Iyer and her associates, who promised high returns on share trading investments, leading to substantial deposits into various accounts.
During the investigation, authorities registered a First Information Report (FIR) under several sections of the Bharatiya Nyaya Sanhita, including cheating and forgery, as well as relevant sections of the Information Technology Act. Technical analysis revealed that ₹24.75 lakh of the defrauded funds had been transferred to a current account at the Central Bank of India’s Jaripatka branch in Nagpur, which was opened under the name of a shell company, 'Grain Garden Delights Pvt Ltd'.
The arrested individuals have been identified as Amit Diliprao Kale, aged 34, who is believed to be the mastermind behind the scam, along with Rithik Shailesh Dhargave, 25, and Aniruddha Satish Uke, 30. Investigators found that Kale and Uke had established the shell company using Dhargave’s credentials and a forged rental agreement to facilitate the opening of the bank account. They also discovered that Kale used a SIM card registered in Dhargave’s name to coordinate the fraudulent activities.
The implications of this case extend beyond the immediate arrests, as it highlights the growing issue of cyber fraud in India. The police are now working to trace the full extent of the fraud and identify additional victims. Further investigations are expected to reveal more connections to other cyber crime cases, emphasizing the need for increased vigilance in financial transactions.
