Pune Cyber Police Crack Down on Major Online Share Fraud, Arrest Seven Suspects
In a significant breakthrough, the Pimpri Chinchwad cyber police have arrested seven individuals from Pune, Kolhapur, Mumbai, and Rajasthan in connection with a sophisticated online share fraud case. The scam resulted in a staggering loss of Rs 11 crore for a 58-year-old former director of a private company based in Pimpri Chinchwad. The arrests, made on Friday, highlight the growing threat of cyber financial crimes in India.
Details of the Fraud and Police Action
The cyber police team, led by senior police inspector Ravikiran Nale, conducted a meticulous investigation that led to the arrests. During the probe, authorities froze Rs 1.8 crore across multiple bank accounts after scrutinizing numerous suspicious transactions. The fraud unfolded between November last year and January this year, during which the victim transferred Rs 11 crore to various bank accounts under false pretenses.
The perpetrators posed as executives of a prominent securities investment company, luring the victim with promises of high returns on stock investments. To gain his trust, they falsely claimed their company was registered with the Securities and Exchange Board of India (Sebi). They further solidified his confidence by returning Rs 40 lakh as profit on his initial investments. However, by January 31, the victim had invested the full Rs 11 crore, only to lose the entire sum to the fraudsters.
Arrests and Mule Bank Account Network
Investigations revealed that Rs 21 lakh was transferred to a bank account in Kolhapur. Police sub-inspector Vaibhav Patil and his team apprehended the account holder, Abhay Patil (34), who admitted to providing approximately 12 mule bank accounts to his accomplice, Shivtej Pote (30) of Wagholi, in exchange for commission. Pote was subsequently arrested from Wagholi.
Additional arrests include Yuvraj Mudaliar (35) from Lohegaon, and Pralhad Gadari (23) and Pankaj Girigosavi (24) from Rajasthan. Notably, Gadari and Girigosavi were also implicated in a separate digital arrest case, underscoring their involvement in multiple cybercrimes.
The officer explained that these arrested individuals primarily supplied mule bank accounts to their handlers, who were in contact with Chinese accomplices and operated from Nepal or other countries, making the investigation more complex.
Expanded Investigation and Further Arrests
The cyber police uncovered another link in the mule bank account supply chain within the same case. They traced a bank account in Mumbai where Rs 25 lakh had been transferred. A police team led by assistant inspector Pravin Swami arrested Vaibhav Udchane (28) of Dahisar in Mumbai. Udchane was found to have provided mule bank accounts to Rahul Maurya (24) of Dahisar, who was also arrested.
This case serves as a stark reminder of the dangers of online investment scams and the critical role of cyber police in combating such crimes. Authorities continue to investigate the international connections and urge the public to exercise caution when dealing with unsolicited investment offers.
