The Maharashtra Cyber Police have dismantled a multi-state cyber fraud ring involved in defrauding victims across India of more than Rs 6 crore. Three individuals were arrested in connection with the scam, which primarily targeted people through fraudulent stock market investment schemes. The accused—Abdul Wahab, Rohit Jathar, and Piyush Kumawat—were operating out of Kolhapur and Rajasthan, according to police.
The police’s investigation began after a 62-year-old retired engineer from Punjab reported being duped by the gang. The victim, a south Mumbai businessman, lost Rs 46 lakh after being lured into the fraudulent scheme. The cyber criminals used WhatsApp to share a link to a fake investment app called Sharekipo, promising high returns. Victims were encouraged to make significant investments, only for their money to be siphoned off through multiple bank accounts and cryptocurrency exchanges.
Police further revealed that the stolen funds were converted from dollars to rupees via the Binance crypto platform, after which they were distributed across various accounts, making it difficult to trace the flow of money. Authorities tracked the transactions to 43 different locations, indicating a well-organized network with a pan-India reach.
Although Vivek Verma, the mastermind behind the scam, remains at large, the police have seized crucial evidence, including mobile phones and SIM cards used by the suspects. This is expected to lead to further arrests and the unmasking of more accomplices in the network.
The arrested suspects are currently in seven-day police custody, while their defense lawyer, Advocate Ajay Dubey, claims that his clients come from poor backgrounds and received only a small portion of the funds. The police are continuing their investigation to uncover the full extent of the scam and track down the mastermind.
