Mumbai: Mumbai Police’s North Region Cyber Cell has arrested two men for their alleged involvement in a sophisticated cyber fraud that led to a Goregaon-based woman losing Rs 36.56 lakh. The accused, identified as Pankaj Prabhakar Lohar and Dharmesh Dhirajlal Chawda, have been remanded to police custody following their arrest.
Victim Lured Seeing Ad On Social Media
According to a Lokmat Times report quoting police officials, the woman, an active investor in the stock market, was lured through a social media advertisement promoting high-return stock trading services. The ad redirected her to a WhatsApp group, where regular stock tips and testimonials of large profits created an illusion of legitimacy. Shortly after, the group administrator approached her directly, claiming that their firm was registered with SEBI and assured guaranteed profits on investments.
Convinced after a brief online verification, the woman downloaded a trading app as instructed and uploaded her personal details. Over time, she invested a total of Rs 36,56,118 through this platform. The app displayed what appeared to be rising profits, eventually showing returns of Rs 2.82 crore. However, when she attempted to withdraw her gains, only Rs 5,000 was credited to her account. Later, withdrawal attempts failed and her communication with the group admin was abruptly cut off.
Realizing she had been conned, the woman filed a complaint on the Cyber Crime Reporting Portal and with the Mumbai North Region Cyber Police Station. An FIR was registered under relevant sections of the Indian Penal Code (IPC) and the Information Technology (IT) Act against four unknown individuals.
Investigations led police to Lohar and Chawda, who had opened multiple bank accounts that were used to siphon off the victim’s money. These accounts, investigators say, were created specifically to facilitate financial transactions for cyber fraud operations. During interrogation, the duo admitted to working in coordination with the main fraudsters and transferring the stolen funds to them.
Cops are now tracking the primary suspects behind the scam and are probing whether additional accomplices are involved. Police have also issued a warning urging citizens to remain cautious of seemingly genuine online investment platforms and verify credentials directly from official regulatory websites like SEBI. Further investigation into the cyber fraud network is ongoing.
