Two school dropouts, Arbaaz Ahmed Shaikh (21) and Saraffuddin Shaikh (28), were arrested by Oshiwara police for duping a 42-year-old professor from Andheri (West) in a large-scale online share trading scam.
Between December 12, 2023, and January 23, 2024, the duo lured the victim into investing a total of Rs60.35 lakh, promising high returns through a fraudulent online share trading scheme. The victim, who borrowed money and took loans to invest, realized the scam when she failed to withdraw her earnings.
With support from the cyber wing and banking officials, Oshiwara police tracked Arbaaz to a mutton shop in Kharghar. Upon his arrest, he led officers to Saraffuddin Shaikh, who was also apprehended. Police immediately froze all bank accounts where the victim had transferred funds, successfully recovering the entire amount.
DCP (Zone IX) Raj Tilak Roshan supervised the investigation, with a team including Senior Inspector Mohan Patil and Inspector Shivaji Bhandwalkar. The duo reportedly operated as agents, opening bank accounts for three main masterminds located in Rajasthan, Delhi, and Uttar Pradesh. These kingpins remain at large.
Police continue their hunt for the remaining culprits, urging the public to stay vigilant against such investment frauds.
