A man from Mira Road, identified as Shivam Varma, was arrested by the North Division Cyber Police for his involvement in a fraudulent share trading scheme that duped a retired woman teacher of nearly Rs24 lakh.
The victim, a retired teacher, fell prey to the scam after clicking on an online advertisement promoting shares and high returns. Lured by the promise of lucrative profits, she invested a significant sum. However, when she tried to withdraw her supposed profits, the fraudsters convinced her to invest more money. Upon realizing she had been scammed, she approached the police.
Following her complaint, Deputy Commissioner Dutta Nalavade led a thorough investigation that traced the fraud to Varma, who confessed to providing his bank account details to the scammers in exchange for Rs25,000. The absconding suspect used Varma’s account to deposit proceeds from the scam. In total, over Rs35 lakh in fraudulently obtained funds were funneled through Varma’s account, with at least Rs2 lakh traced to the share trading scam.
The police are now on the lookout for the absconding individual linked to the scheme. The investigation revealed that Varma and the missing suspect became acquainted at a bar, where the latter offered him money to facilitate the fraud by using his account.
