Navi Mumbai: The Navi Mumbai Police have busted a share trading fraud network allegedly connected to cybercriminals in China and Cambodia, arresting seven individuals who duped investors of crores of rupees.
The cyber crime branch froze 118 bank accounts across multiple Indian states, securing Rs 32.5 lakh tied to the fraudulent transactions. The operation began after a victim reported being cheated of Rs 1.07 crore.
Police said the fraudsters lured victims between September 2 and October 8 by promising high profits through social media investment advertisements. They used a fake application to show inflated virtual profits, convincing victims to invest larger sums. Later, the criminals refused to return the original investments.
During the investigation, Suresh Talekar (29) and Vikas Awhad (30) were arrested from Pune. Further probes revealed a third accused meeting three unknown Hindi-speaking individuals, suspected to be from another state, at a Mahape hotel to hand over SIM cards linked to bank accounts.
The police inspected 35–40 hotels and lodges across Mahape, Sanpada, Koparkhairane, APMC, and Vashi. Five more persons were arrested from a hotel in Vashi, dismantling the cyber fraud network. The remaining investigation is ongoing.
