Cybercrime – Nashik Cousins Arrested in ₹89 Lakh Investment Fraud Case
Cybercrime – A major cyber fraud case has come to light in Mumbai, where a retired officer was allegedly cheated of nearly ₹89 lakh through a fake share trading scheme. The North Region Cyber Cell of Mumbai Police has arrested two individuals from Nashik in connection with the case, exposing a wider network of online financial scams.
Arrests Made in Nashik Investigation
The accused, identified as Yogeshwar Jagannath Kuthe and Rishikesh Bhagwat Kuthe, are cousins residing in Pimpalgaon in Niphad, Nashik district. According to police officials, both men played a role in facilitating the fraud by allowing cybercriminals to use their bank accounts. Investigators revealed that approximately ₹51 lakh of the defrauded amount was routed through these accounts before being transferred further.
Victim Targeted Through Social Media Advertisement
The complainant, a 54-year-old resident of Goregaon’s Film City Road, had been unemployed since January 2026. During this period, he encountered an online advertisement promoting share trading opportunities with promises of high returns. After clicking the advertisement, he was added to a WhatsApp group that appeared to be dedicated to stock market discussions.
The group, which had over 100 members, regularly posted messages highlighting profitable trades and success stories. These conversations created an impression of credibility and encouraged participation.
Gradual Investment and False Profit Claims
Influenced by the ongoing discussions, the victim began investing money through the platform. Between February 10 and March 6, 2026, he transferred nearly ₹89 lakh into various investments suggested within the group.
Initially, the platform showed profits on his investments, reinforcing his trust. However, when he attempted to withdraw his funds, he was informed that his account had been frozen due to an alleged inquiry by market regulators. The fraudsters assured him that the issue was temporary and that his money remained secure.
Pressure to Deposit More Money Raises Suspicion
As the victim continued to follow up, he was told that he needed to deposit an additional 20 percent of the total amount to reactivate his trading account. Unable to arrange such a large sum, he declined. It was at this stage that he began to suspect foul play and realized that he had been deceived.
He subsequently approached the police, leading to the registration of a case under charges of cheating and relevant provisions of the Information Technology Act.
Money Trail Leads to Key Accused
During the investigation, authorities traced a significant portion of the funds to a bank account based in Nashik. Acting on this lead, a police team traveled to the district and detained the two accused.
Further findings revealed that Yogeshwar Kuthe held a current account in a well-known bank, while Rishikesh Kuthe allegedly shared the account details with cyber fraudsters. The duo is believed to have received commissions in exchange for facilitating the movement of funds.
Legal Proceedings and Ongoing Probe
Following their arrest, both accused were brought to Mumbai and presented before a court. After initial police custody of two days, they have been remanded to 14 days of judicial custody.
Police officials have stated that efforts are ongoing to identify and apprehend the main operators behind the cyber fraud network. Authorities are also examining additional bank transactions to determine whether more victims may be involved.
This case highlights the growing risks associated with online investment schemes and the importance of verifying financial platforms before making transactions.