A 28-year-old man allegedly duped a 58-year-old woman out of Rs 27.44 lakh through a fake share trading platform. Mumbai Police arrested the man for the cyber fraud racket.
Fake Share Market Guidance
A user identifying herself as "Shivani" contacted the Dahisar-based woman via WhatsApp. Claiming to provide share market tips, she added the victim to a group named TBVIP168, where fraudulent advice and trading guidance were regularly circulated. The victim was then asked to visit and install a fake trading app through a suspicious link. The app, built to mimic a genuine trading platform, initially displayed fake profits in lakhs, intentionally designed to gain the victim's trust.
They instructed the victim to deposit money into various bank accounts under the pretence of buying shares through IPOs and block deals. On June 3, she transferred Rs 4 lakh, of which Rs 2.3 lakh was immediately routed to second-level accounts. Throughout the scam, she ended up paying a total of Rs 27,44,236.
Who Is The Accused?
The police traced the money trail to Vinayak Pramodkumar Baranwal, a resident of Kasheli in Thane. Police arrested him, stating he had knowingly allowed his bank account to be used for the crime, and he also profited from the transactions.
Big Network Of Cyber Crime Unveiled
Further investigation revealed that the same bank account used by Baranwal had previously been flagged in 106 cyber fraud complaints from various parts of the country, pointing to a larger, organised network of online financial crime.
Fake Sense Of Profitability
"This case shows how digital fraudsters are now using sophisticated apps and social engineering to trap victims. The accused created a fake sense of profitability to exploit trust," said a senior police officer from the cyber unit.
