Mumbai Police Crack Down on Rs 1.1 Crore Share Market Trading Fraud
The Mumbai crime branch has made significant progress in a high-profile financial fraud case, arresting two individuals from Kolhapur for their alleged involvement in a sophisticated share market trading scam amounting to Rs 1.1 crore. The accused have been identified as Dastagir Qazi (52), a bhel-puri seller, and Chetan Padalkar (31), a civil contractor.
Modus Operandi and Arrest Details
According to police investigations, Qazi provided his bank account to receive illicit funds, while Padalkar was responsible for operating that account. The duo allegedly received Rs 7 lakh from the victim's account as part of the fraudulent scheme. During the probe, authorities took decisive action by freezing over three dozen bank accounts and blocking approximately Rs 30 lakh to prevent further financial losses.
Victim Profile and Complaint Timeline
The case came to light when a 70-year-old retired company director filed a formal complaint, leading to the registration of an FIR on December 3, 2025. The fraudulent activities occurred between October 29, 2025, and November 19, 2025. The senior citizen was added to a WhatsApp group where the administrator falsely claimed to represent a SEBI-registered company, lending credibility to the scheme.
How the Fraud Unfolded
On November 19, 2025, the complainant checked the trading application and was shown a virtual account balance of Rs 3.7 crore, representing his supposed investment and profits. Initially, he successfully withdrew Rs 3 lakh, which bolstered his confidence in the operation. However, when he attempted to withdraw the entire amount, the transaction failed. The group administrator began providing evasive responses, prompting the victim to realize he had been cheated.
Investigation Team and Cybercrime Links
A dedicated police team, led by senior inspector Suvarna Shinde and including assistant inspector Dr. Nitin Gacche, sub-inspector Vijay Ghorphade, and staff members Sangram Jadhav, Mayur Ingale, and Suresh Lokre, is thoroughly investigating the case. Police revealed alarming details about the scale of the operation, noting that the bank account in question had 38 complaints registered against it on the national cybercrime reporting portal. Furthermore, transactions worth Rs 3 crore were recorded in this account within just one week, highlighting the extensive nature of the fraud.
This case underscores the growing threat of cyber-enabled financial crimes targeting vulnerable individuals, particularly senior citizens, through deceptive online platforms. Authorities continue to urge the public to exercise caution when engaging in digital financial transactions and to verify the credentials of any investment opportunities thoroughly.
