The South Region Cyber Police have arrested seven persons from five states in connection with a Rs10.98 crore share market investment fraud that targeted a 61-year-old Mumbai businessman. The accused were apprehended from Maharashtra, Uttar Pradesh, Odisha, Bihar, and Punjab as part of a coordinated multi-state operation.
The arrested individuals are:
Kuvarlal Isulal Yele (57) – Gondia, Maharashtra (Jan 29)
Adarshsen Keshanath Anand (27) – Deoria, Uttar Pradesh (Jan 28)
Amartyasen Keshanath Anand (23) – Deoria, Uttar Pradesh (Jan 28)
Sunil Dinanath Gupta – Bhubaneswar, Odisha (Jan 28)
Rasraj Charu Bauri (32) – Muzaffarpur, Bihar (Jan 30)
Sanjay Singh Chander Singh (51) – Mohali, Punjab (Jan 30)
Khirod Chandra Sahoo – Bhadrak, Odisha (Feb 1)
The victim, Hoshang K. Vajifdar (61), a businessman from Churchgate, Mumbai, lost Rs10.98 crore between December 29, 2025, and January 17, 2026, after being lured into a fake share market investment scheme.
Following his complaint, an FIR was registered at the South Region Cyber Police Station on January 20, 2026. Nine police teams were deployed across multiple states to track the layer-1 bank accounts used to receive the defrauded money.
Police investigations revealed that Rs2.06 crore from Vajifdar’s case was transferred to accounts operated by the accused. Further scrutiny showed that a total of Rs13.77 crore from 91 complainants nationwide had passed through the same accounts, as per the National Cyber Crime Reporting Portal.
These “layer-1” accounts were used for initial fund transfers from victims before the money was siphoned off. So far, authorities have managed to freeze Rs2.13 crore, and further arrests are expected as the investigation continues.
Investigators noted that the gang maintained links with cyber fraudsters in Delhi, Rajasthan, Maharashtra, and other locations. Their primary role was arranging bank accounts for routing the fraud money, acting as a key part of a larger inter-state cybercrime network.
