Two men were recently arrested for their involvement in an online share trading fraud that duped a private firm employee of Rs 1 crore between April and May.
The victim was lured through a social media platform with promises of 10% to 50% returns on investments via an alleged trading firm run by the fraudsters. The crooks made him download a fake application to oversee transactions and profits.
Between April 20 and May 16, the victim transferred over Rs 1 crore to various bank accounts given by the scammers. When the victim failed to withdraw a promised Rs 3.4 crore profit, he approached the Pimpri Chinchwad cybercrime police.
Assistant Inspector Pravni Swami stated that Rs 69.75 lakh of the transferred amount was routed to another bank account in Vikhroli, Mumbai. The account holder, a grocery shop owner, was arrested on June 25 and revealed two other accomplices during interrogation.
Further investigation led to the arrest of Ranjan Kumar Sahu, 47, a pulses supplier from Cuttack, Odisha. Police uncovered that Sahu and his associates collected Rs 5 crore from at least 37 victims before funneling the money to their handlers.
The search for other suspects involved in the scam is ongoing.
