Mumbai: 36-Yr-Old Navy Officer Loses ₹22 Lakh In Stock Market Scam; Suspect Arrested

Mumbai: The south cyber cell has apprehended one individual for allegedly duping Rs 22 lakhs from a navy officer under the pretext of providing benefits in stock markets.

According to cyber police officials, the 36-year-old victim, a resident of Uran in Raigad, was added to a WhatsApp group in May by individuals posing as Karan Modi, Avinash Sharma, and Akshata. Claiming to be employees of UBS Securities, they introduced various stock market investment schemes. Using fake mobile apps, they convinced the victim to invest over ₹22.91 lakhs, promising returns that never materialised.

Police registered the FIR in July and initiated an investigation. During the probe, they discovered that a portion of the funds transferred by the victim had not been encashed. The amount was spread across three bank accounts, holding ₹10 lakhs, ₹5 lakhs, and ₹5 lakhs. The police traced the accounts to Vikas Santoshkumar Dube (25) and Sunil Lakshminarayan Kumawath, both of whom were summoned for interrogatio.

Vikas disclosed that he had provided his bank account to the arrested suspect, Mamman Rehman Munshi (32), a resident of Juhu Tara Road in Santacruz. While a separate case has been registered against Vikas, police arrested Munshi for his role in the crime. During the investigation, officers found multiple banking apps and accounts on Munshi's phone, which he used for transactions related to his cybercriminal activities.

On Sunday, the Killa Court remanded Munshi to police custody for further interrogation. So far, no money has been recovered, but police officials are determined to pressure Munshi to reveal the whereabouts of the funds he made through cybercrime. Given the contents of his mobile phone, authorities suspect that Munshi may have several more victims.