Pune Cyber Police Crack Down on Rs 2 Crore Online Share Trading Scam
In a significant breakthrough, the Pimpri Chinchwad cyber police have apprehended three individuals, including a real estate agent, in connection with a sophisticated online share-trading fraud case. The investigation centers on a director of a labour supply company who was defrauded of a staggering Rs 2 crore between February and March this year.
How the Elaborate Scam Unfolded
The victim was initially targeted in February when cybercriminals added him to two groups on a popular mobile messaging app. Posing as financial experts, the fraudsters promised him an attractive 15% return on investments in the stock market, provided he channeled his funds through them. To lend credibility to their scheme, they shared a link for the victim to download a specialized app designed to monitor his purported profits.
Under the guise of purchasing stocks and participating in Initial Public Offerings (IPOs), the criminals instructed the victim to transfer money to various bank accounts. Over the course of a month, the unsuspecting director transferred a total of Rs 2 crore to 15 different bank accounts. He remained unaware of the deception, as the app consistently displayed that he had earned a profit of Rs 3 crore, creating a false sense of security.
The Moment of Realization and Police Intervention
The victim's suspicion was only aroused when he attempted to withdraw his funds and found himself unable to do so. Promptly, he filed a complaint with the Pimpri Chinchwad cyber police. A dedicated team, led by Senior Police Inspector Ravikiran Nale, took charge of the investigation. Their swift action resulted in the successful freezing of Rs 62 lakh of the victim's money, preventing further losses.
The probe revealed that a portion of the illicit funds had been transferred to a bank account registered under the name of an industry in New Mumbai. Assistant Police Inspector Pravin Swami and his team traced the account holder to Sushil Juvatkar (42), a resident of Nerul in New Mumbai, and took him into custody.
Unraveling the Network and Arrests
During interrogation, Juvatkar, who works as a real estate agent, confessed to opening the bank account at a public sector bank and using it as a mule account for handlers based overseas. He further disclosed the identities of his accomplices: Pankaj Kapur (38) and Nischal Bareyali (27), both also residing in Nerul.
The police team subsequently arrested Kapur and Bareyali. Investigations uncovered that both individuals had previously worked at call centers in Thailand and Myanmar, which were allegedly operated for committing cybercrimes. The trio was found to be managing the mule bank account opened in the company's name, through which transactions worth Rs 2 crore were conducted.
Significant Recoveries and Ongoing Investigations
In a major haul, the police recovered six cellphones, three passports, two laptops, three point-of-sale (POS) machines, 24 bank account opening kits, and five debit cards from the accused. During the investigation, the trio revealed they were in the process of setting up a knowledge process outsourcing (KPO) unit. Authorities suspect this venture might have been intended to target more victims, and they are currently questioning the accused to uncover further details.
This case highlights the growing sophistication of online financial frauds and underscores the importance of vigilance when engaging in digital transactions. The Pimpri Chinchwad cyber police's efforts demonstrate a proactive approach in combating such cybercrimes and protecting citizens from significant financial harm.
