In a major breakthrough, the Mumbai Crime Branch has arrested three individuals accused of defrauding an elderly woman of Rs 2.85 crore in a share market investment scam. The fraudsters, who promised high returns on market investments, lured their victim through WhatsApp messages and a fake investment website.
The arrested individuals have been identified as Sheshnath alias Ganesh Shatrughna Pandey, Satish Punamia, and Rahul Bachchan. They were apprehended in Diu-Daman, Gujarat, and Mumbai, following a comprehensive investigation. According to the police, these men have been linked to over 130 fraud cases across India, spanning cities such as Mumbai, Thane, Mira-Bhayander, and Vasai-Virar.
The fraudsters allegedly set up and operated around 70 bank accounts to facilitate their scams, using these accounts to launder the money they earned through commission-based online deceptions. The trio used a fraudulent share market platform to deceive victims into making large investments, promising them exclusive market insights and significant returns.
The elderly woman, who fell victim to the scam, was contacted through WhatsApp and directed to the fake website. Believing the promises of high returns, she invested her life savings, eventually losing Rs 2.85 crore.
The accused have been remanded to police custody until December 17. Investigators are continuing to probe their involvement in other similar cases across the country.
This case highlights the increasing trend of online investment scams, especially targeting vulnerable individuals, and the Mumbai Crime Branch’s efforts to curb such fraudulent activities. Authorities have urged the public to be cautious when receiving unsolicited investment offers, particularly from unknown sources via social media or messaging apps.