In a significant cyber fraud case, the North Cyber Police have arrested Hyder Sayyed from Thane, who is accused of duping a 74-year-old retired employee of L&T Infotech out of Rs36.5 lakh. The fraudsters, operating under the guise of a fake stock trading platform called “BAJAJ-SST,” enticed the victim to invest in shares and made him believe he was making virtual profits. However, when the victim attempted to withdraw his funds, he was unable to do so, and the scammers demanded additional payments as withdrawal taxes.
Through technical analysis of the money trail, investigators tracked Sayyed’s involvement, revealing that he had helped facilitate the opening of multiple bank accounts used by the fraudsters. For his role, Sayyed received 10 to 20 percent of the stolen amounts. During interrogation, Sayyed led investigators to his mentor, Rajesh Patel, who is believed to be operating the scam from another state and managing the entire gang behind the fraudulent activities.
The victim initially discovered the fraudulent platform on September 29, 2024, through social media and WhatsApp groups. He downloaded the BAJAJ-SST app, which imitated a legitimate stock trading platform by displaying stock prices, IPOs, and other features that convinced the victim it was a genuine trading tool. The victim was also added to a WhatsApp group named “K309 Vijay Bajaj XAI Wealth Management Forum,” where admins, including individuals named Rama Lakshmi and Vijay Bajaj, provided stock trading advice, further persuading the victim to invest.
The North Cyber Police continue to investigate the broader network behind the BAJAJ-SST scam, with efforts underway to apprehend Rajesh Patel and other members of the gang.
