Pimpri Chinchwad cyber police arrest five men for involvement in share-trading fraud of 1 crore

Time of India

a day ago

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Pune: The Pimpri Chinchwad cyber police on Monday arrested five men in connection with a share-trading fraud, in which a software engineer from Moshi lost Rs 1.11 crore between Feb and May this year.
A cyber police team led by senior police inspector Ravikiran Nale arrested three of the suspects from Nagpur, and two were taken into custody from the Hadapsar area in Pune.
Deputy commissioner of police (crime) of the Pimpri Chinchwad police, Shivaji Pawar, said, "The arrested men used to provide mule bank account holders to their handlers based in foreign countries. They used to withdraw cash from these bank accounts and transfer it to their handlers through cryptocurrency," Pawar said.
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The officer said that the victim in the case is a software engineer from Moshi. He is currently based in a country in the Gulf. The crooks contacted him in Feb and promised him 15% returns on his investments in stocks through their platform. "The victim accepted the offer and started investing money as and when he was told to. He could see the profit he earned on the platform. Within three months, he transferred Rs1.11 crore to the different bank account numbers provided to him," the officer said.
He said that the victim realised that he was being duped when his request for withdrawal of his money was denied. Moreover, the crooks were demanding money under the pretext of taxes. He then stopped responding to them and approached the cyber police. "A team of officers, including assistant police inspector Pravin Swami and police sub inspectors Sangar Poman and Prasad Katkade, were deployed to investigate the case," he said.
Swami told TOI that during the probe, it was revealed that Rs2 lakh from the total sum were transferred to a private bank's account in Nagpur. Poman reached there and took Sharad Saraf (48) into custody. "During questioning, Saraf revealed the names of three more suspects — Suraj Saykar (28), Yogiraj Jadhav (28) and Sanket Nhavale (24). Saykar and Jadhav were taken into custody from Nagpur, and Nhavale arrested from Pune," he said.
Swami said that all these arrested men used to provide mule bank accounts to their handlers through Nagesh Gange (28) of Hadapsar. "We found that transactions worth more than Rs 1 crore were made through these mule bank accounts. They used to withdraw these amounts and convert them to cryptocurrencies. Gange used to transfer these cryptocurrencies to his handlers from other countries," Swami said.
He said that later, Gange was also taken into custody from Hadapsar.
Gange runs a milk supply business in the area. "The four arrested men other than Gange also currently reside in Hadapsar. They were into software development-related work, mainly doing projects for college students. Due to emergence of AI, they did not find jobs, following which they started earning money by providing mule bank accounts," said the officer.
Pune: The Pimpri Chinchwad cyber police on Monday arrested five men in connection with a share-trading fraud, in which a software engineer from Moshi lost Rs 1.11 crore between Feb and May this year.
A cyber police team led by senior police inspector Ravikiran Nale arrested three of the suspects from Nagpur, and two were taken into custody from the Hadapsar area in Pune.
Deputy commissioner of police (crime) of the Pimpri Chinchwad police, Shivaji Pawar, said, "The arrested men used to provide mule bank account holders to their handlers based in foreign countries. They used to withdraw cash from these bank accounts and transfer it to their handlers through cryptocurrency," Pawar said.
The officer said that the victim in the case is a software engineer from Moshi. He is currently based in a country in the Gulf. The crooks contacted him in Feb and promised him 15% returns on his investments in stocks through their platform. "The victim accepted the offer and started investing money as and when he was told to. He could see the profit he earned on the platform. Within three months, he transferred Rs1.11 crore to the different bank account numbers provided to him," the officer said.
He said that the victim realised that he was being duped when his request for withdrawal of his money was denied. Moreover, the crooks were demanding money under the pretext of taxes. He then stopped responding to them and approached the cyber police. "A team of officers, including assistant police inspector Pravin Swami and police sub inspectors Sangar Poman and Prasad Katkade, were deployed to investigate the case," he said.
Swami told TOI that during the probe, it was revealed that Rs2 lakh from the total sum were transferred to a private bank's account in Nagpur. Poman reached there and took Sharad Saraf (48) into custody. "During questioning, Saraf revealed the names of three more suspects — Suraj Saykar (28), Yogiraj Jadhav (28) and Sanket Nhavale (24). Saykar and Jadhav were taken into custody from Nagpur, and Nhavale arrested from Pune," he said.
Swami said that all these arrested men used to provide mule bank accounts to their handlers through Nagesh Gange (28) of Hadapsar. "We found that transactions worth more than Rs 1 crore were made through these mule bank accounts. They used to withdraw these amounts and convert them to cryptocurrencies. Gange used to transfer these cryptocurrencies to his handlers from other countries," Swami said.
He said that later, Gange was also taken into custody from Hadapsar. Gange runs a milk supply business in the area. "The four arrested men other than Gange also currently reside in Hadapsar. They were into software development-related work, mainly doing projects for college students. Due to emergence of AI, they did not find jobs, following which they started earning money by providing mule bank accounts," said the officer.
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