In a major crackdown on cyber fraud, the Mumbai Central Cyber Police have arrested eight individuals—including six mobile service provider employees and two shopkeepers—connected to a fraudulent share market investment scheme that defrauded multiple victims across the city.
The fraud was uncovered after a central Mumbai resident reported being swindled of Rs51 lakh. The victim had been persuaded to invest in the share market via a virtual trading platform that promised high returns. The scam’s scale expanded further when it was revealed that the accused had illegally ported more than 30,000 SIM cards without conducting proper Know Your Customer (KYC) checks.
The victim, employed in a private firm, was added to a WhatsApp group called “MSFL Chart 33,” where fraudsters sent out share trading tips and messages designed to lure potential investors. After showing interest in May, the victim was directed to a link where their trading account was created after submitting personal documents.
The scam involved a virtual trading platform that initially showed profits in the victim’s account, encouraging further investments. The victim was then instructed to transfer Rs51.36 lakh into various bank accounts. Despite seeing apparent profits, the victim was unable to withdraw any funds, as the shares could not be sold or liquidated.
The Mumbai Cyber Police investigation, led by Deputy Commissioner Datta Nalawade, traced the fraudulent activity back to mobile numbers linked to the WhatsApp group. The police tracked these numbers to West Bengal and eventually identified one number as being connected to a mobile service provider’s franchise in Colaba, Mumbai.
“The accused, working with the Vi Company franchise in Colaba, had illegally ported numbers by generating UPC codes without verifying KYC documentation,” said a cyber police officer involved in the case. The investigation revealed that the perpetrators had sold approximately 30,000 SIM cards to foreign nationals and others over the past year without conducting mandatory KYC procedures.
The following individuals have been arrested in connection with the scheme: Mahesh Mahadev Kadam, Rohit Kanhaiyalal Yadav, Sagar Pandurang Thakur, and Raj Ravinath Arde, Gulabchand Kanhaiya Jaiswar,Usman Ali Mohammad Hejabur Rahman Sheikh and Abubakar Siddiqui Yusuf.
