The Cyber Crime Police Station in Goa arrested Sanjay M Chavan (45), a Maharashtra resident, in connection with a Rs2.45 crore investment fraud targeting a Salcete resident.
According to police, the accused and others impersonated stock brokers from Nuvama Wealth and Investment, enticing the victim into joining a WhatsApp group with promises of high returns through stock market investments.
The victim was manipulated into transferring funds totaling Rs2.45 crore to various bank accounts over time. Investigations traced Rs13.5 lakh to Sanjay Chavan’s account, which was allegedly used to funnel part of the scammed money.
The case was registered under FIR No. 20/2025, invoking Sections 318(4), 319(2), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), along with Section 66D of the Information Technology Act.
Police confirmed that the investigation is ongoing, and more suspects are expected to be arrested soon.
Authorities have urged citizens to remain cautious about online investments and to report suspicious activities immediately to the Cyber Crime Police Station.
