Mumbai Police have arrested 28-year-old Vinayak Pramodkumar Baranwal in connection with a Rs27.44 lakh cyber fraud involving a fake share trading app. The racket, which operated through WhatsApp and a counterfeit platform, targeted a 58-year-old woman from Dahisar and is suspected to be linked to over 100 similar cases across India.
The victim was contacted via WhatsApp by a user posing as “Shivani”, who claimed to offer expert stock market tips. She was added to a group called TBVIP168, where fraudulent trading advice was shared. The group directed her to install a fake trading application via a suspicious link. The app was cleverly designed to mimic a legitimate platform and showed fake profits to lure the victim into investing more.
Encouraged by these fabricated gains, the woman deposited money multiple times, believing she was investing in IPOs and block deals. On June 3 alone, she transferred Rs4 lakh — with Rs2.3 lakh quickly diverted into secondary accounts. Eventually, her total losses amounted to Rs27.44 lakh.
After she filed a complaint, cyber police initiated an investigation using digital forensics and surveillance. The trail led to Vinayak Baranwal from Kasheli in Thane. He was arrested and found to have knowingly allowed his bank account to be used to route cybercrime proceeds. He had also personally benefited from the transactions. Police recovered a mobile phone during the arrest.
Further probe revealed Baranwal’s bank account had already been flagged in 106 cyber fraud complaints from across the country, indicating his role in a larger organized online scam network.
“This case highlights how cybercriminals are now leveraging realistic apps and psychological manipulation to deceive victims,” a senior cyber official said.
Authorities are advising the public to remain vigilant, avoid unsolicited investment offers, and report suspicious online financial activity promptly.
