Navi Mumbai Cyber Police Bust ₹2.99 Crore Online Trading Scam, Arrest Two Linked To Rajasthan Syndicate

Navi Mumbai: The Navi Mumbai Cyber Police have busted two high-value online investment scams totaling Rs. 2.99 crore and arrested two individuals linked to a Rajasthan-based fraud syndicate. The accused posed as representatives of reputed financial firms and manipulated victims through fake documents and online trading platforms.

In the first case registered, the accused approached the complainant between April 16 and June 3, claiming to be representatives of Bajaj Financial Securities Limited and UPSTOX. They sent forged documents using the names and logos of these companies and promised high returns on investments in online share trading. Victims were misled into transferring funds to various bank accounts after being shown fake profits on apps named BFSLMAX and UPINSTITON, leading to a total fraud of Rs. 2.20 crore.

In the second case registered, the accused contacted another complainant between April 10 and May 18, offering lucrative returns from online share trading. After gaining the victim’s trust and showcasing false profits via an app, they induced further investments, ultimately cheating the complainant of Rs. 78.63 lakh.

Both the cases were registered under BNS Sections 319(2), 318(4), 3(5), and Section 66D of the IT Act, 2005.

Under the direction of Senior Inspector Anil Patil, the cyber police analyzed technical data including bank account activity and mobile phone usage. It was discovered that the same accused were involved in both cases.

On July 2, Tushar Salunkhe (31), a resident of Kalewadi, Pune, was arrested. While on July 5, Mukesh Kumar (34), residing in Andheri (W), Mumbai, and originally from Jhunjhunu, Rajasthan, was arrested. "Both suspects have been remanded to five days of police custody for further investigation," Patil said.

According to police, during the operation, they recovered several items from the accused’s possession including seven mobile phones, two passports, one PAN card, 15 debit cards, nine cheque books, one passbook, one rubber stamp, and seven SIM cards.

Police also found that additional accomplices in the fraud ring are located in Rajasthan, and further investigations are underway .

The investigations were conducted under the leadership of Navi Mumbai Police Commissioner Milind Bharambe, Joint Commissioner Sanjay Yenpure, Additional CP (Crime) Deepak Sakore, DCP (Crime) Amit Kale, and ACP (Cyber) Ashok Rajput. The operation was executed by the Cyber Police Station team, including Sr. PI Anil Patil, PI Rohit Bandgar, PI Rahul Koli, API Vijay Ayre, PC Eknath Burungale, PC Narhari Kshirsagar, and WPC Poonam Gadge. The ongoing investigation is being handled by PI Vishal Patil and PI Ganesh Jadhav.

"We have issued an advisory to the public, warning against fake investment advertisements on Telegram, Instagram, WhatsApp, Facebook, and other social media platforms. Fraudsters often lure victims with promises of high returns and use their own fake websites or portals to show inflated profits. Citizens are urged to verify the authenticity of such investment schemes, avoid sharing personal information, and refrain from transferring money without proper due diligence," Patil said.