Mumbai: Three people are arrested for defrauding over Rs 3 crore as the Cyber Cell busts a share market scam gang investment racket

Mumbai: Police from the North Region Cyber Cell have apprehended a group that defrauded individuals by enticing them to participate in the stock market with the promise of large profits. In this instance, three suspects have been taken into custody. Vilas Genu More, also known as Rehan Khan, Rizwan Shaukatali Khan, and Kasim Rizwan Sheikh have been identified as the detained individuals. Three such cyber fraud cases, totaling more than ₹3 crore, have been successfully resolved by police with their arrest, according to authorities.

The complainant, Akash (20), is a resident of Kandivali and is now in his last year of study in the finance stream, according to the police. His dad owns a company. Akash has previously made stock transactions and has a strong interest in share market investing.

While at home on October 17, Akash joined the 258-member “100 DBS Group – Stock Market Navigation” WhatsApp group. A man going by the name Rajat Sharma was giving the group advice on share market investments, telling them which companies would provide the highest profits.

After spending a few days watching the group, Akash checked the investment advice on his own share trading platform and discovered that it seemed to be accurate. Additionally, he saw that a number of the group members seemed to be making excellent profits. He chose to invest via the organization after becoming convinced. He invested money in several shares after receiving a link from a lady called Meena Bhatt.

At first, Akash got enticing profits, some of which were even deposited into his bank account. Encouraged, he told his friends, parents, and uncle and convinced them to invest too. They sent him money so he might make investments. Akash invested ₹23,14,100 in various equities between November 4 and December 2. He had generated ₹80 lakh in profit, according to the app. Nevertheless, the transaction failed when he tried to take the money out.

Meena Bhatt said that in order to facilitate the withdrawal, he needed to pay taxes and service fees. Akash did not get any money, even after making numerous deposits. Instead, he kept getting requests to make further deposits. Akash filed a complaint with the North Region Cyber Cell and called the cyber hotline at 1930 after realizing he had been duped.

After receiving the complaint, authorities opened an investigation and filed a case under the applicable provisions of the IT Act and cheating. The fraudulent funds were discovered to have been moved to many bank accounts throughout the investigation. Police apprehended and arrested Vilas More, Rizwan Khan, and Kasim Sheikh after locating the accounts and their holders.

During questioning, it was discovered that the accused had setup other bank accounts for other cybercriminals and were in communication with them. These accounts received deposits totaling crores of rupees, which were then transferred to the cybercriminals. The defendants were compensated with commissions for enabling the transactions.

Investigations have shown that almost ₹3 crore was defrauded in these instances, and police have solved three cyber fraud crimes since their arrest. The arrested accused’s bank accounts accounted for a significant chunk of the total. Investigations are still under progress.