Rajkot, Gujarat – A 39-year-old man from Madhya Pradesh, Jitendra alias Manu Sharma of Neemuch district, has been arrested by Rajkot’s city cybercrime police in connection with a sophisticated Rs64 lakh stock market fraud that targeted a retired deputy collector.
The victim, 59-year-old Dinesh Kumar Ninama, residing near the Rajkot–Jamnagar Highway, joined a WhatsApp group called Experience Exchange Group earlier this year. Promised high returns, he was asked to download a suspicious trading app named 5max PRO. Over time, he was shown fake IPO allocations and a mock portfolio indicating over Rs10 crore in profit, prompting him to invest progressively—all while liquidating his savings, insurance, and mutual funds.
Investigations revealed that Sharma’s bank account was used to transfer Rs15 lakh of the siphoned funds. Police believe he allowed fraudsters to use his account in exchange for a commission. His account is linked to at least eight cyber fraud cases across India.
Sharma is the fifth person arrested in connection with this case, while four others were detained previously. However, two account holders and the masterminds remain at large. He will be presented in court on Monday, according to city officials.
