The Navi Mumbai Cyber Police have cracked down on two high-value online investment scams totaling Rs. 2.99 crore, arresting two key suspects linked to a Rajasthan-based fraud syndicate. The accused impersonated representatives of reputed financial firms, duping victims through forged documents and counterfeit online trading platforms.
In the first scam, the accused approached a victim between April 16 and June 3, posing as agents of Bajaj Financial Securities Limited and UPSTOX. Using fake company logos and documents, they promised lucrative returns on online share trading. Victims were misled into transferring funds after being shown fabricated profits via apps named BFSLMAX and UPINSTITON, resulting in a loss of Rs. 2.20 crore.
In the second case, from April 10 to May 18, the accused convinced another complainant to invest through false gains displayed on a trading app, ultimately cheating them of Rs. 78.63 lakh.
Both cases were registered under relevant sections of the Indian Penal Code and the IT Act, 2005. Under the supervision of Senior Inspector Anil Patil, the cyber team traced bank and mobile phone records, revealing the involvement of the same accused in both frauds.
On July 2, 31-year-old Tushar Salunkhe from Kalewadi, Pune, was arrested. Mukesh Kumar, 34, residing in Andheri (West), Mumbai, and originally from Jhunjhunu, Rajasthan, was taken into custody on July 5. Both were remanded for five days for further investigation.
Police recovered seven mobile phones, two passports, one PAN card, 15 debit cards, nine cheque books, one passbook, one rubber stamp, and seven SIM cards during the operation. Further inquiries indicate more accomplices based in Rajasthan, and the probe is ongoing.
