Pune Businessman Nabbed in Sophisticated Cyber Fraud Operation
The Central Region Cyber Police has made a significant breakthrough in a major investment fraud case, arresting 34-year-old cloth merchant Akshay Mirgule from Pune for his alleged involvement in a sophisticated fake stock-trading scam that cheated a 70-year-old retired railway official from Matunga of ₹74.37 lakh.
How the Elaborate Scam Unfolded
According to police investigations, the fraud began when scammers posing as investment officers from Astha Credit and Securities Pvt. Ltd. contacted the elderly victim from Matunga. The fraudsters convincingly persuaded the retired railway official to invest in share trading through their platform, promising exceptionally high returns on investment.
The victim, trusting the professional-sounding callers, followed their instructions to download a bogus trading application. Over time, the senior citizen transferred money in multiple installments to various bank accounts provided by the scammers, ultimately investing a massive ₹75 lakh into what appeared to be a legitimate investment opportunity.
The reality of the situation became painfully clear when the victim attempted to withdraw funds from the fake application. Despite repeated attempts and paying additional charges and income tax demands from the fraudsters, all withdrawal requests were systematically denied, revealing the elaborate nature of the cyber fraud.
Police Investigation Uncovers Money Trail
Following the victim's complaint, cyber crime investigators began tracing the complex money trail, which led them to Mirgule's bank account in Pune. Police officials revealed that while Mirgule appeared innocent at face value, deeper examination of his financial transactions told a different story.
Investigators discovered that Mirgule had received ₹34 lakh from the total amount stolen from the retired official. Of this amount, he had withdrawn ₹9 lakh for personal use while transferring the remaining funds to his mentors, who are currently under police scrutiny.
An investigating officer explained, During the money trail, we traced Mirgule's bank account to Pune. On face value he appears to be innocent but examining his account we found he had withdrawn Rs 9 lakh for himself and rest he transferred to his mentors who are under the scanner.
Broader Criminal Network Suspected
Police have identified Mirgule as a key conduit in the layered money trail designed to obscure the flow of illicit funds. His arrest came after comprehensive analysis of bank transaction records, WhatsApp conversations, and technical evidence submitted by the complainant.
Authorities have frozen Mirgule's bank accounts after discovering several unknown deposits from unidentified persons, suggesting his potential involvement in multiple cyber fraud cases. Investigators confirmed that he is not merely a beneficiary but likely an active participant in the criminal network.
The case highlights the growing sophistication of cyber criminals targeting vulnerable senior citizens with promises of high-return investments. Police have warned citizens to verify the authenticity of investment platforms and be cautious of unsolicited investment offers, particularly those requiring downloads of unverified applications.
