Mumbai: In a major cybercrime bust, the cyber wing of Mumbai Police’s crime branch has arrested Bhavik Mohan Pethana, a director of a private firm, for his alleged involvement in a massive stock market investment scam totaling Rs 4.12 crore.
Pethana, who resides in Siddharth Nagar, Goregaon, is accused of enabling illicit transactions linked to over 75 cyber fraud cases. Between August 20 and September 4, unsuspecting victims were lured into investing in the stock market with promises of high returns. Their funds were instead rerouted into fraudulent accounts.
According to the South Region Cyber Police, Pethana’s personal and company accounts were used to circulate scam proceeds, triggering a deeper investigation into associated financial networks.
During the probe, authorities also arrested Riyaz Thange, another suspect tied to the scam, and uncovered suspicious transactions linked to Ascent IT Service Ltd, co-directed by Pranab De Sarkar. Police have flagged the company for further scrutiny.
The case underscores the growing use of fake stock trading platforms and corporate fronts to launder fraudulently obtained money. Mumbai police continue to expand the investigation to identify more collaborators and recover the siphoned funds.
