Pimpri Chinchwad, Maharashtra: Cybercrime police have arrested Akram Shaikh (33) and Vinay Rathi (34) from Ichalkaranji, Kolhapur district, for their alleged role in an online share-trading and cryptocurrency fraud that defrauded a Talegaon Dabhade resident of Rs1.54 crore.
The accused were caught at Urse toll plaza on the Pune-Mumbai Expressway while attempting to flee to Mumbai to meet their Mumbai-based accomplice. Investigations revealed they provided mule bank accounts to a handler operating from Dubai to launder the stolen money.
The victim, an employee of a US-based online management consulting firm, was contacted via a mobile messaging app and video calls by the fraudsters. They promised high returns from share trading and cryptocurrency investments, initially paying out small profits to build trust.
Gradually, the victim invested a total of Rs1.54 crore—Rs9.85 lakh in shares and Rs1.45 crore in cryptocurrencies. The crooks then disappeared with the money.
Police traced Rs8.64 lakh transferred to a private firm’s bank account in Ichalkaranji.
Akram Shaikh rented the shop linked to the bank account, using friends’ documents to open the account.
Shaikh, a transport business owner, fled initially but was arrested along with Rathi, who worked at a mobile service provider’s showroom.
Shaikh provided mule accounts, while Rathi managed online updates and handed details to their Mumbai-based accomplice.
Both earned commissions for facilitating the laundering.
Police continue to investigate to dismantle the larger network and recover the defrauded money.
