Pimpri-Chinchwad Police have apprehended two men from Kolhapur for allegedly defrauding a Talegaon Dabhade resident of Rs1.5 crore in a sophisticated share market scam.
The accused, Akram Shamshuddin Shaikh (33) and Vinay Satyanarayan Rathi (34), allegedly lured the victim by promising a “bull run” in the stock market through their company named Bull Market.
The complainant, while searching online for share market investment tips, came across Bull Market. Soon after showing interest, he received phone calls from numbers registered in England. Persuaded by promises of high returns, he invested Rs9.84 lakh in cash and two Bitcoins valued at Rs1.44 crore. However, neither the cash nor the digital assets were returned.
According to experts, a “bull run” refers to a period of rising stock prices that encourages investor confidence and increased trading. The accused allegedly exploited this concept to gain the victim’s trust.
Following a complaint at the Cyber Police Station, investigators traced the suspects to Kolhapur. As the accused attempted to flee toward Mumbai via the Pune-Mumbai Expressway, they were apprehended at the Urse Toll Plaza.
DCP (Crime) Dr. Shivaji Pawar stated that Akram was involved in managing multiple bank accounts, while Vinay, associated with a SIM card company, helped update these accounts online for a Mumbai-based individual named Viraj Joshi. Investigations suggest the operation was linked to associates in Dubai.
The arrests were executed under the guidance of Commissioner Vinoy Kumar Choubey, with key contributions from JCP Dr. Shashikant Mahavarkar, Addl CP Sarang Awhad, DCP Dr. Shivaji Pawar, and ACP (Crime 1) Dr. Vishal Hire. The Cyber Police team, including PI Ravikiran Nale and others, recovered critical evidence pointing to a broader fraud network.
The case highlights the growing sophistication of online investment scams and underscores the need for vigilance when dealing with stock market and cryptocurrency investments.
