Three held in ₹44 lakh cyber fraud case

The Hindu

6 days ago

Three persons were arrested by the cyber crime wing of the Hyderabad police for defrauding a city-based person of over ₹44 lakh by posing as trading advisors from a fictitious firm named 'Aveshta Study Group-W'.
The accused were identified as Milind Manohar Narkar, 34, a private employee from Santacruz, Mumbai; Ranak Jagadish Patel, 31, a businessman from Bhiwandi, Thane; and Salik Imtiyaz Ahmed Siddiqui, 25, a private employee from Mumbra, Thane. All three were working in tandem with a cyber fraudster operating out of Dubai.
According to investigators, the trio contacted the victim in June 2025 on phone, claiming to be professional trading advisors offering high return investment opportunities. Lured by the promise of substantial profits, the victim was persuaded to transfer funds into several bank accounts controlled by the accused.
When the victim later attempted to withdraw the 'profits', he was asked to first pay a 20% 'service charge' on the returns.
Believing the promise that both the profits and the original investment would be returned following this payment, the victim complied. In total, he was cheated of ₹44,04,753.
During the investigation, it emerged that Milind Narkar was actively assisting the Dubai-based kingpin by converting fraudulently acquired funds into cryptocurrency. He also played a key role in sourcing and operating mule accounts, and was found to be accommodating account holders at various hotels in Mumbai. His network extended across seven other States in India where he allegedly facilitated the conversion of illicit gains into digital currency.
The Hyderabad police seized three mobile phones from the accused. All three are believed to be working on commission for the overseas fraudster, by providing access to and managing local bank accounts used in the scam.
Following the case, the Hyderabad police issued a public advisory warning citizens to be wary of suspicious investment schemes promising unusually high returns. Authorities have noted that scammers often pose as representatives of well-known firms and use forged documents, including fake SEBI certifications, to build credibility. Such fraudsters commonly advertise via platforms like Telegram, WhatsApp, Instagram and Facebook, and often share fake profit screenshots to gain victims' trust.
Citizens have been urged to verify investment schemes thoroughly before parting with their money and to avoid making hasty financial decisions based on promises of quick returns. Victims of cyber fraud are advised to immediately dial 1930 or visit: https://cybercrime.gov.in for assistance.