In a major breakthrough, Mumbai Police’s North Division Cyber Police Station has uncovered a massive share trading cyber fraud, arresting three men accused of duping investors out of over Rs18 crore through a sophisticated scam involving a fake trading app and bogus WhatsApp investment groups.
The investigation began on 22 April 2025, after a 49-year-old Goregaon resident lodged a complaint stating he was defrauded of Rs2.77 crore. According to police, the victim was added to a WhatsApp group named “K05-IIFL Securities Limited” by fraudsters pretending to be legitimate investment advisers.
The scammers lured him using forged trading tips, fake profit screenshots, and eventually convinced him to download a malicious version of the ‘IIFL Markets’ app via a suspicious link. The victim was persuaded to invest in what was described as block trades, IPOs, and QIPs (Qualified Institutional Placements). He transferred large sums of money into multiple accounts based on the false promise of high returns.
However, when he tried to withdraw the profits, the fraudsters demanded additional payments under the pretext of taxes and verification checks. The victim realized he had been scammed and approached the police.
A significant breakthrough came when investigators traced Rs71.22 lakh of the defrauded amount to a bank account under the name Rudra Enterprises. Technical analysis and financial tracking led the cyber unit to arrest Rishak Mohan Shirodkar (38), Krishna Arun Gawli (24), and Sohail Nazir Ahmader Shaikh alias Jack (30) from Bandra, Mumbai.
During the arrests, the police seized multiple items including mobile phones, cheque books, and a debit card allegedly used to facilitate the scam. According to the officials, Shirodkar is the prime accused, having opened and operated the fraudulent bank account to collect the scam money. His co-accused managed fund transfers and laundering operations.
Investigations also revealed that the bank accounts used in the scam were linked to at least 28 similar complaints across India, pushing the estimated value of fraudulent transactions to around Rs18 crore.
