Pune Cyber Police Crack Down on Rs 22.03 Crore Online Trading Scam, Arrest Four Suspects
In a significant breakthrough, the Pune cyber police have apprehended four individuals in connection with a massive online share-trading fraud that swindled an 85-year-old retired entrepreneur from Hadapsar out of a staggering Rs 22.03 crore. The arrests were made following an intensive investigation into the elaborate scam, which promised lucrative returns on investments but instead drained the victim's life savings.
Details of the Arrests and Suspects
The arrested men include Munilkumar Surendra Singh (51) from Ambarnath in Thane, along with Akash Chandrashekhar Marathe (27), Lala Keshav Umap (26), and Parmeshwar Dilip Dabhade (23), all hailing from Chhatrapati Sambhajinagar. They were presented before a city court on Monday and have been remanded in police custody until Thursday as the investigation continues.
According to police officials, Singh operates a private security agency in Thane, while Marathe is currently unemployed. Umap and Dabhade are identified as casual workers. All four suspects allegedly provided their bank accounts to the primary fraudsters in exchange for a commission, effectively serving as "mule accounts" in the criminal operation. These accounts were used to temporarily park large sums of money before transferring them to numerous other bank accounts, complicating the money trail.
How the Fraud Unfolded
The retired entrepreneur filed a formal complaint with the Pune cyber police on January 19, detailing the Rs 22.03 crore fraud. Police investigations reveal that the victim was defrauded between October of last year and January 12 of this year. During this three-month period, he transferred money to approximately 150 different accounts, most of which were mule accounts like those held by the arrested individuals.
The victim reportedly exhausted all his funds, which he had raised by selling movable and immovable properties after the closure of his company several years ago. This highlights the devastating personal impact of the scam, leaving the elderly entrepreneur financially ruined.
Police Investigation and Money Trail
Pune Commissioner of Police Amitesh Kumar commended the efforts of the investigative team, stating, "Our team worked hard on the case and nabbed the suspects after studying the money trail." The operation was led by senior inspector Swapnali Shinde, along with inspector Sangeeta Deokate, and sub-inspectors Snehal Adsule and Sushil Damare.
Of the total conned amount, Rs 1 crore was transferred to the bank account of one of the four arrested men, while sums ranging from Rs 1.5 lakh to Rs 2.5 lakh were parked in the accounts of the other three. Senior inspector Swapnali Shinde explained, "They provided their bank accounts to the main fraudster(s) in the crime against a commission. Their bank accounts were used as mule accounts. A large sum of money was parked in their accounts for a few hours, and then it was transferred to several other bank accounts."
Scale and Methodology of the Cyber Fraud
This case marks the largest cyber fraud in terms of monetary value handled under the jurisdiction of the Pune cyber police so far. The perpetrators employed sophisticated tactics, using 26 cellphone numbers—including an internet-based phone number—three web links, and a bogus cellphone application designed for online share-trading to execute the scam.
The police are actively exploring the connections between the prime suspects and the mule bank account holders. Shinde added, "We are exploring the links between the prime suspect(s) in the case and the mule bank account holders. We hope that we will reach the main conspirator(s) of the crime." This indicates that the investigation is ongoing, with authorities aiming to uncover and apprehend the masterminds behind this extensive financial deception.
The arrest of these four individuals is a critical step in dismantling the network responsible for this high-value cyber fraud, serving as a warning to others involved in similar illicit activities and offering a measure of justice to the victim.
