Five arrested in ₹1.11 crore share market fraud
The accused have been identified as Sharad Dilip Saraf, 48; Suraj Tatyaram Saykar, 28; Sanket Sandeep Nahwale, 24; Nagesh Narsinhrao Ganage, 28 (all from Hadapsar); and Yogiraj Kisan Jadhav, 29 (from Phaltan in Satara district). Saraf and Saykar used to run a software development firm but fell into crime due to poor response.
Posing as representatives of one Ali Express trading platform, the accused duped an information technology (IT) professional by promising him 15% returns on investment in the share market. Initially, the accused gave the victim good returns and gained his confidence, forcing him to invest more and more. In this manner, they lured him into invest around ₹ 1.11 crore in the share market. Eventually, the victim realised he had been duped.
Shivaji Pawar, deputy commissioner of police (crime), said, 'During the investigation, it was found that ₹ 2 lakh in fraud money was withdrawn in Nagpur. Accordingly, our team/s rushed to Nagpur and arrested Saraf who later confessed to his involvement in the crime along with the others.'
Elaborating on the modus operandi of the accused, Pawar said, 'The fraud money was transferred into various mule accounts through which USDT (United States Dollar Tether/stablecoin cryptocurrency) was purchased and transferred outside the country.'
Pravin Swami, assistant police inspector, said, 'Accused Nahwale collected mule bank accounts with the help of Saraf, Saykar and Jadhav that were then used to receive fraud money. Later, Nahwale would withdraw the fraud money with the help of account holders and use the same to purchase USDT crypto coins with the help of accused Ganage.'
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