Pune News: 8 Arrested For Duping Businessman Of Rs 99 Lakh In Share Trading Fraud
Pune News: 8 Arrested For Duping Businessman Of Rs 99 Lakh In Share Trading Fraud
In a significant breakthrough, the Pimpri Chinchwad cyber police have arrested eight individuals, including a 24-year-old business executive from a private bank in Abu Dhabi, in connection with a share trading fraud that resulted in a small-scale industry owner from Rahatani losing Rs 99 lakh. The suspect, Danish Sathi, was taken into custody on Tuesday while on holiday in Mumbra, Thane district, and has been remanded to police custody until November 16.
According to the police, the other seven suspects were involved in identifying mule account holders in India for their handlers based in Dubai, China, and Hong Kong. A cyber police team led by Inspector Ravikiran Nale recovered 13 cellphones and details of various bank accounts, tracing 36 mule accounts operated by the arrested suspects. These accounts were used for transactions worth Rs 2.6 crore, with 27 online complaints filed from across the country.
The victim, a businessman, was added to a group of investors last month and promised a 300% profit for completing two share trading tasks daily. Believing the promise, he transferred amounts totaling Rs 99 lakh to the fraudsters. The police investigation revealed that the arrested men were in contact with Sathi, who was involved in identifying mule account holders and sharing details with him.
The police arrested seven other suspects, including Mahadev Katke of Navi Mumbai, Sagar Bhosale of Indapur, Masood Siddiqui of Jogeshwari, Mohammed Salmani of Goregaon, Tauseef Sayyad of Malad, and Pravin Dalvi of Borivali. Dalvi was found to be in contact with cybercrooks based in Hong Kong through a mobile messenger app.
The arrests mark a significant success in the police’s efforts to combat cybercrime and share trading fraud. The police are continuing their investigation to uncover more details about the fraud and to recover the lost amount. This case highlights the importance of being cautious when investing online and verifying the authenticity of investment opportunities.
Similar cases of share market fraud have been reported in the past, with the Delhi Police arresting nine people, including a woman, for duping people of Rs 2.38 crore on the pretext of high returns from investment in the share market. The police have warned citizens to be vigilant and report any suspicious activity to prevent such crimes.
