Two fraudsters involved in multiple cybercrime cases across Maharashtra and other states were recently arrested for a Rs4.71 crore online investment scam in Vashi. The accused, Vikas Prakash Gawhane, 27, an estate agent from Karanjade, and Manoj Vishnu Kalapad, 22, a BA student from Malegaon, were remanded to judicial custody on Wednesday.
The Cyber police revealed that the duo targeted a 70-year-old retired government officer, enticing him to invest in bogus IPO and index trading schemes with promises of high returns. The victim was contacted via WhatsApp and persuaded to download a fraudulent mobile app to manage transactions.
Between November 2024 and March 2025, the accused convinced the victim to transfer Rs4.71 crore to various bank accounts under the guise of investments. The app showed the victim’s profits tripling; however, when he attempted to withdraw his earnings, he was asked to pay additional fees, revealing the scam.
Following the complaint, charges were filed against the accused under sections 66(D) (cheating), 319(2) (cheating by impersonation) of the IT Act, and 318(4) (cheating) and 3(5) (joint criminal liability) of the Bharatiya Nyaya Sanhita.
Technical investigations led to the arrest of Gawhane and Kalapad on June 7, with police custody granted for interrogation. They had opened a fake bank account in Panvel under the name “Mahadev Construction” using forged documents. Police stated that a third accomplice remains absconding.
The accused used fake mobile apps, misleading websites, and WhatsApp groups to deceive investors. Interrogations revealed their involvement in several other cyber frauds across Maharashtra and beyond, indicating a larger interstate scam network. The two suspects were remanded to judicial custody on Wednesday.
