Mumbai: Three Arrested in Rs 68.92 Lakh Online Share Trading Scam

Mumbai – The North Region Cyber Police have arrested three people in connection with a Rs 68.92 lakh online share trading scam. The accused allegedly lured victims through fake stock market advice shared on Facebook.

A 37-year-old man filed a complaint after he was added to a WhatsApp group offering stock trading tips. He had clicked on a Facebook link promoting trading advice and was later persuaded to invest large sums of money. Believing the tips were genuine, he transferred nearly Rs 69 lakh to multiple bank accounts. He later realised he had been cheated.

Retired Navy Officer's Identity Misused

During the investigation, police discovered that one of the bank accounts used in the scam was fraudulently opened using the identity of a 77-year-old retired Indian Navy officer. This account had received Rs 2.10 lakh and raised suspicion.

Officers found that a fake email ID was used to open the account, and a SIM card obtained with a watchman’s documents was linked to it. The account was passed from one accused to another and finally handed over to unidentified suspects known as 'Viral' and 'Avi' for a commission.

Police also revealed that the same bank account was linked to over 90 complaints on the National Cyber Crime Reporting (NCCR) portal. This suggests the scam was part of a larger cybercrime network targeting investors.

Three Accused Arrested

The police arrested the suspects from various locations in Mumbai. They have been identified as:

• Sachin Sawant (48) from Borivali

• Umesh Vishwakarma (32) from Jogeshwari

• Vibham Mishra (31) from Thakur Village, Kandivali

They have been charged under several sections of the Bhartiya Nyaya Sanhita (BNS), including Sections 319(2), 318(4), 336(2), 336(3), 338, and 340(2). Additionally, they face charges under Sections 66(C) and 66(D) of the Information Technology Act, which deal with identity theft and cyber fraud.

Police said the investigation is ongoing and efforts are being made to arrest other suspects who are currently absconding.