Mumbai: The cyber police have arrested a 46-year-old man from Nashik for allowing his bank account to be used to park illegal funds obtained through fake online stock trading. The accused, identified as Gangadhar Bhalerao, received Rs 7.4 lakh as commission for his role in the fraud, according to police officials.
Details of the Scam
According to the police, the complainant, a resident of Dadar in Mumbai, was duped of Rs 87 lakh by individuals posing as representatives of a private bank through WhatsApp. The accused allegedly used the bank's logo to gain the victim's trust and lured him with promises of high returns through stock market trading. The fraudsters added the complainant to a WhatsApp group and created a fake trading account in his name on a fraudulent website.
Under the pretext of investments, they induced the victim to transfer nearly Rs 87 lakh into multiple bank accounts. During the investigation, the police discovered that Rs 7.4 lakh from the total amount was transferred to a bank account linked to a firm named Universal Engineering, held with Bank of Maharashtra. The account was traced to Gangadhar Bhalerao of Nashik.
Arrest and Investigation
A court has remanded Bhalerao into police custody. The police are now looking for the other accused individuals to examine financial trails and possible links to a larger fraud network. The investigation aims to uncover the full extent of the scam and identify any other victims.
The police have urged the public to be cautious of unsolicited messages and calls offering high returns on investments. They advise verifying the authenticity of any financial scheme before transferring money.
