The Cyber Crime Branch of the Mumbai Police has dismantled an organized cyber fraud syndicate that allegedly scammed investors of more than Rs 1.07 crore through fake online share trading schemes. Six individuals have been arrested for deceiving victims with false investment opportunities. The accused conducted the fraud using WhatsApp groups, fake trading apps, and multiple bank accounts, promising high returns through fabricated share trading and IPO schemes.
Of the six arrested, four were nabbed in Vadodara, Gujarat, and the other two in Mumbai. The investigation revealed a well-structured network with defined roles within the group. The fraudsters operated in layers, starting with identifying individuals willing to use their bank accounts. Current accounts were opened in company names, and the money obtained was funneled through multiple accounts to conceal its origins.
The police suspect the syndicate operated as an organized cyber fraud ring to avoid detection. The case unfolded when a 43-year-old investment professional from Mumbai reported the scam. She was lured through a WhatsApp share trading ad and added to a group where fake market experts shared investment advice and promises of high returns. The victim was convinced to register on a fake trading platform and transfer money to various accounts, losing a total of Rs 1,07,37,208.
The Cyber Crime Branch is scrutinizing the financial transactions of the accused, tracking the defrauded funds, and identifying potential accomplices. Investigators are also looking into whether more investors in different states were targeted using the same tactics. The probe into the case is ongoing.
