Two Sangli traders, Amol Patil and Yunus Chougule, were arrested on Monday in connection with a Rs2.52 crore online share trading fraud that duped a 66-year-old resident of Sangvi earlier this year. The accused were found to be linked with a handler based in Indore, Madhya Pradesh, who coordinated operations through over ten mule bank accounts.
The arrests came after the interrogation of Balasaheb Choure, a 32-year-old arrested in a similar scam from Beed’s Kaij. Investigations revealed that Choure had traveled to Dubai to meet his Maharashtra-based handler, who has been living there for three years. The handler reportedly has a partner from Pakistan with connections in Nepal.
Police investigations disclosed that the fraudulent funds were routed through multiple bank accounts, including one from Beed. Choure admitted to recruiting people from Beed and nearby districts, providing their bank account credentials for commissions, which were then used in the scam.
Assistant Inspector Pravin Swami of Pimpri Chinchwad cyber police confirmed the arrest of Amol Patil, a trader from Sangli, whose bank account was used in the scam. During questioning, Patil revealed Yunus Chougule, a cellphone shop owner from Sangli, who gave over ten mule bank accounts to the Indore handler on a 6% commission basis.
Chougule was arrested following this disclosure. Several complaints linked to these accounts have been received from various parts of India, highlighting the widespread impact of this cyber fraud ring.
