Share trading scam: Cyber police arrest three for Rs 2.85 cr fraud in Mumbai

Representational Image

The North Regional Cyber Police have arrested three individuals for defrauding an elderly woman of Rs 2.85 crore under the guise of share trading. The police also seized six mobile phones from the suspects.

The arrested accused were identified as Sheshnath alias Ganesh Pandey, Satish Punamiya, and Ramkumar.

According to the sources the victim, a senior citizen, was added to a WhatsApp group in February, where members claimed to have made significant profits through a share trading company. Observing the discussions, she contacted the group admin, who promised substantial returns on investments. Trusting the claims, she invested Rs 2.85 crore and initially saw promising returns.

However, when she attempted to withdraw her money, no funds were transferred to her account. Realising she had been duped, she informed her daughter, and the duo then approached the North Regional Cyber Police Station and filed a complaint.

The police launched an investigation and traced the fraudulent bank account to which the victim's amount was transferred. With the help of KYC documents, the police reached Pandey and caught him.

During the interrogation the name of the other two accused Punamiya, and Ramkumar appeared and it was also discovered that they had opened multiple bank accounts to aid fraudsters.

The investigation revealed that Pandey's bank account had been used to deposit the fraudulent amount. At the same time, the trio actively assisted the main perpetrators by opening multiple bank accounts for the scam. The accused were presented before the court, and further investigations are underway to identify other individuals involved in the scheme.