shot-button
Maharashtra Elections 2024 Maharashtra Elections 2024
Home > Mumbai > Mumbai News > Article > Navi Mumbai duo held in Rs 37 cr share market scam

Navi Mumbai duo held in Rs 3.7 cr share market scam

Updated on: 04 June,2024 07:00 AM IST  |  Mumbai
Agencies |

After their interrogation, the police came to know that hotel waiter Khan and his accomplice Bhanushali were also involved in cheating people in need of urgent money

Navi Mumbai duo held in Rs 3.7 cr share market scam

Representation pic

Two people, including a hotel waiter, have been arrested in Navi Mumbai for allegedly cheating people of more than Rs 3.70 crore on the pretext of online share market investment, police said on Monday.


The duo, Salman Nizamuddin Khan, 35, the waiter, and Prakash Karamsi Bhanushali, 39, both from Navi Mumbai, were also involved in another case of fraud, said senior inspector Gajanan Kadam of the cyber police in an official release.


The police, with the help of banks, have frozen Rs 46,00,000 of ill-gotten money which was deposited in different accounts by the accused, said the release.


Between February 17 and April 24, the accused lured investors into share trading by promising them lucrative returns. They cheated the victims to the tune of Rs 3,70,06,000 during the period, said the police.

An FIR was registered based on a complaint lodged by some of the victims against unidentified people with the cyber police under relevant sections of the IPC and the IT Act, said senior inspector Kadam.

During their probe, the police got a tip-off that two men involved in the crime were coming to a co-operative bank’s branch in Turbhe to open an account. They laid a trap at the bank and nabbed the duo on May 31, said the release.

After their interrogation, the police came to know that hotel waiter Khan and his accomplice Bhanushali were also involved in cheating people in need of urgent money.

The duo would promise to arrange money by convincing unsuspecting individuals to submit documents required for opening a bank account. They would then use these documents to obtain SIM cards in their name and also get Gumasta and Udyam certificates which are needed for setting up businesses and ventures, said the police.

The duo opened fictitious current accounts under the names of different companies and forwarded the bank account details of victims to their associates in Dubai in return for good money, said the release.

The arrested men were also involved in crimes in other states such as Telangana, Uttar Pradesh and Chhattisgarh, it said. 

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK