Mumbai Police Busts Rs 18 Crore Share Trading Cyber Fraud, Three Arrested

In a major breakthrough, the North Division Cyber Police Station of Mumbai Police has uncovered a fake share trading scam worth over Rs 18 crore. Three people have been arrested for allegedly cheating multiple victims through fraudulent investment schemes.

According to officials, the gang targeted people by luring them into bogus share trading offers, promising high returns. The scam came to light after a 49-year-old man from Goregaon filed a complaint on April 22, 2025. He reported losing Rs 2.77 crore after being added to a WhatsApp group called “K05-IIFL Securities Limited” by unknown fraudsters posing as investment advisers.

The scammers used fake trading tips and screenshots of profits to gain the victim’s trust. They then convinced him to download a fake app named “IIFL Markets” via a suspicious link. Believing the scheme to be genuine, the victim invested heavily in what was presented as block trades, QIP, and IPOs. Later, when he tried to withdraw his returns, the fraudsters demanded more money under the pretext of taxes and credit checks.

A key breakthrough in the case came when police traced Rs 71.22 lakh from the defrauded amount to a bank account in the name of “Rudra Enterprises.” Technical investigations led to the arrest of three suspects from Bandra, Mumbai.

The accused have been identified as:

• Rishak Mohan Shirodkar (38)

• Krishna Arun Gawli (24)

• Sohail Nazir Ahmader Shaikh alias Jack (30)

Police seized mobile phones, cheque books, and a debit card from the accused, which were allegedly used in the scam. The prime accused, Shirodkar, had reportedly opened and operated the fraudulent bank account to receive the scammed money. His accomplices helped transfer and launder the funds.

Investigations further revealed that the bank accounts used by the gang were linked to 28 fraud complaints across India, with total fraud estimated at Rs 18 crore.

Mumbai Police has urged citizens to remain alert against such online scams and to report any suspicious activity to the Cyber Helpline at 1930 or online at cybercrime.gov.in.