In a significant cyber fraud case, the South Cyber Police arrested 31-year-old Kaif Ibrahim Mansuri from Nagpada in connection with an online share trading scam that defrauded a 75-year-old Colaba resident of Rs11 crore. Mansuri, a former customer relationship executive at a private bank, allegedly misused personal documents to open bank accounts in unsuspecting people’s names, which were then used by cyber fraudsters to channel the defrauded funds.
Police officials stated that Mansuri had been using these accounts to withdraw the stolen money. They seized five debit cards from him, along with 33 others and chequebooks associated with 12 different bank accounts. During the investigation, police uncovered that a woman had withdrawn Rs6 lakh from one of these accounts. Upon questioning, she revealed that Mansuri had paid her to withdraw the money on his behalf.
According to the police, Rs44 lakh of the Rs11 crore fraud was transferred into Mansuri’s account. Following his arrest, the police are now tracking the main culprits behind the scam and hope to make further arrests soon.
The fraudulent scheme began in August 2023 when the Colaba victim was added to a WhatsApp group that discussed profitable share trading opportunities. The group’s operator encouraged the elderly man to invest, claiming large returns from a reputable brokerage firm. The victim, swayed by the messages, agreed and provided his personal documents to the fraudster, who opened a fake trading account under a well-known brokerage’s name.
The scammer instructed the victim to invest in an initial public offering (IPO) and directed funds to a bank account that he claimed was for tax purposes. Over time, the victim saw virtual profits appear in his account, convincing him to invest a total of Rs11.16 crore. However, when he attempted to withdraw the money, he was told a 20% service charge would apply. Alarmed by this request, the victim contacted the brokerage firm and learned that his investments had been funneled to cyber fraudsters.