The North Cyber Police have arrested three men from Pune for allegedly duping a Borivli businessman of Rs48.5 lakh through a fake share market investment scheme promising high returns. The accused, all engaged in legitimate businesses, reportedly joined a cyber fraud syndicate seeking easy money and part-time income, providing bank accounts to route the stolen funds in exchange for commissions.
The victim, a 43-year-old executive at the Diamond Market in BKC, was first contacted in October 2025 by a woman identifying herself as “Riya.” Claiming ties with brokers registered with the Securities and Exchange Board of India, she persuaded him to join a WhatsApp group called Daily Recommendations 602, which regularly shared stock tips, IPO updates, QIB investment options, and screenshots showing fabricated profits.
To build trust, the victim was added without consent to a “VIP Study Group” and instructed to download a trading app named TMGPLUS. The app mimicked legitimate trading platforms and displayed fake profits, prompting the businessman to invest increasing sums.
Between November 18 and December 12, 2025, the victim transferred Rs48.5 lakh via IMPS, NEFT, and RTGS to multiple accounts provided by the fraudsters. While small withdrawals initially succeeded, larger withdrawals were blocked. When the victim attempted to recover his principal and profits, the accused demanded an additional ₹50 lakh, citing an IPO allotment. Realizing the scam, he filed a complaint with the Cyber Crime Helpline 1930 and later approached police.
After analyzing bank transactions, WhatsApp groups, and mobile data, North Cyber Police, led by Inspector Kiran Aher and API Sudarshan Patil, coordinated with Ambegaon Police Station in Pune to arrest the accused on January 30, 2026.
The suspects have been identified as Amar Bapu Shinde (31), Prashant Sunil Kadav (33), and Pranil Sanjay Rathod (25), all from Pune. Shinde, formerly with a finance company, provided bank accounts; Kadav sourced accounts for routing payments, while Rathod collected funds and passed them to the syndicate, earning commissions in the process.
Police traced a key ₹33 lakh transaction through an RBL Bank account under Sunenergier Solutions Pvt Ltd, Pune. Investigations are ongoing to uncover other members of the racket and recover the siphoned funds. Citizens are urged to remain cautious of unsolicited investment offers, unknown trading apps, and WhatsApp stock tip groups, and to always verify credentials before investing.
