The recent arrest of Noman Tamboli and Abhay Dandage by the Cyber Crime Cell in Maharashtra has unveiled a stock trading scam that duped a victim out of Rs11.6 lakh. Both men, reportedly in their early 20s, allegedly convinced the victim to transfer money into several bank accounts with promises of massive investment returns.
At a press conference, Superintendent of Police (Cyber Crime) Rahul Gupta explained the scammers’ tactics, cautioning the public to be vigilant while engaging with stock market investments on social media platforms. According to Gupta, the victim was initially approached via social media and WhatsApp by the accused, who persuaded him to trade through fraudulent entities like the “A 703 Upsurge Club” and a WhatsApp group called “Bulk AiD han Pro.”
The investigation traced a Rs4.9 lakh transaction to an account owned by Jalna resident Aadesh Parcha. Upon interrogation, Parcha revealed that Abhay Dandage had requested to use his bank account to receive the funds, which were immediately withdrawn and transferred to Dandage. Parcha admitted to receiving a commission of Rs1,000 for each transaction.
Authorities are urging the public to be wary of online investment schemes, especially those initiated through social media, to avoid falling victim to similar scams.