Mumbai: The North Region Cyber Police have arrested three individuals in connection with a Rs 68.92 lakh online share trading scam that lured victims through fraudulent stock market guidance circulated on Facebook. A 37-year-old complainant became a victim after clicking on a Facebook link offering trading tips. He was added to an unknown WhatsApp group, where the admin provided investment suggestions that appeared credible. Trusting the process, the victim ended up transferring nearly Rs 69 lakh to various bank accounts, only to later realise he had been duped.
Retired Navy Official’s Identity Misused
The case took a serious turn during the investigation when police found that one of the bank accounts used in the second phase of the fraud had been fraudulently opened using the identity of a 77-year-old retired Indian Navy officer, reported Lokmat Times. This account had received Rs 2.10 lakh and was flagged as suspicious.
Cops discovered that a fake email ID was created to open the account, and a SIM card, procured using a watchman’s credentials, was linked to it. The account kit was then handed from the first accused to the second and third accused, who further passed it on to other unknown suspects named ‘Viral’ and ‘Avi’ in exchange for a commission.
What made the case more alarming was that the same bank account had already been mentioned in over 90 complaints filed on the National Cyber Crime Reporting (NCCR) portal, suggesting that it was part of a wider, coordinated cybercrime operation targeting unsuspecting investors.
Police Track Down & Arrest 3 Accused
Police eventually tracked and arrested the accused from different parts of Mumbai. They were identified as Sachin Sawant (48) from Borivali, Umesh Vishwakarma (32) from Jogeshwari and Vibham Mishra (31) from Thakur Village in Kandivali. The trio has been booked under multiple sections of the Bhartiya Nyaya Sanhita including 319(2), 318(4), 336(2), 336(3), 338, and 340(2), along with Sections 66(C) and 66(D) of the IT Act, which deal with identity theft and cyber deception.
Officials confirmed that the investigation is still underway and efforts are ongoing to locate and arrest other absconding suspects involved in the racket.
