Trio arrested from Maha for duping man of Rs 44 lakh in investment fraud
Maharashtra
on Tuesday for allegedly siphoning over Rs 44 lakh from a city-based victim through a bogus online stock trading application.
The accused, Milind Manohar Narkar (34), from Mumbai, Ranak Jagadish Patel (31) and Salik Imtiyaz Ahmed Siddiqui (25), from Thane, were arrested from their houses and brought to Hyderabad on transit remand on Tuesday.
According to the complaint lodged on June 30, fraudsters posing as stock market trading advisors added the victim to 'Aveshta Study Group-W' on WhatsApp. Promising huge returns on stock investments, they persuaded the victim to transfer money to several bank accounts.
When he tried to withdraw the profits, they demanded a 20% service charge and stopped all communication once he paid it.
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After arresting the trio, Cybercrime DCP D Kavitha said Narkar converted the stolen funds into cryptocurrency on behalf of a Dubai-based kingpin and also directly supervised the transfer of the defrauded amount to multiple mules' accounts from Mumbai hotels. Patel and Siddiqui sourced bank accounts and SIM cards for the operation.
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The police team seized three mobile phones from the accused.
The accused were produced before the court and remanded to judicial custody. Cops are analysing the fraudulent transactions to identify the other gang members, including the Dubai-based kingpin. Police urged citizens to report cyber-fraud immediately on the helpline 1930 or at cybercrime.gov.in.
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