In a major breakthrough, the South Cyber Police arrested Adnan Shamshuddin Khan (27), a real estate professional, and Tanveer Khan (31), an employee of a private firm, for allegedly duping a Mumbai-based accountant of Rs3.63 crore in a fraudulent online share trading scheme.
The duo, part of a wider cyber fraud network, manipulated the victim via a WhatsApp group named “UCIP GANPATI TRADE GROUP”, where fake administrators posed as expert traders and posted screenshots of fabricated trading profits to lure unsuspecting investors.
Over time, the victim was persuaded to invest substantial amounts in what appeared to be a legitimate online trading platform. On March 21, 2025, he transferred Rs70 lakh to an IndusInd Bank account. Investigation revealed that Rs4.89 lakh was then funneled into an Axis Bank account registered under Adnan Shamshuddin Khan and withdrawn using cheques.
Additionally, the victim made four separate payments amounting to Rs19 lakh to an Axis Bank account linked to a shell company named CWFS Private Ltd, reportedly operated by Tanveer Khan. The company, supposedly based in Goregaon West, was found to be non-existent.
According to police, the accused used fictitious firms and multiple layered banking transactions to conceal and launder the defrauded funds. Authorities are also pursuing other key suspects, including Syed Mansur Munawwar Ali, the second director of the fake firm.
The police are continuing their investigation to unravel the full scope of the racket and apprehend remaining members of the syndicate.
