Mumbai: The Mumbai Cyber Police have arrested four individuals for allegedly duping more than 30 people in a share investment scam amounting to over Rs 65 crore. The police suspect that more victims may have been cheated similarly and that the total fraud could be much higher.
In the past several cases have been registered against the accused in Mumbai, Pune, Chennai, Bengaluru and Kerala, indicating that their racket was active across the country. The accused were arrested from Chennai and Bengaluru last week.
Fake Website, Forged Documents Used in Scam
According to the police, the accused created a fake website under the name of a fictitious company and operated their scam through it. They contacted victims via email, WhatsApp, and other social media platforms, luring them with the promise of a 10% or higher return on investment. Instead of providing the company’s official account details, the fraudsters asked investors to transfer funds into their personal accounts.
Dubai Connection and Fake SEBI Papers
The accused also supplied victims with forged documents such as cheques, demand drafts, purchase orders, SEBI documents, and other related papers. They even used the help of a few women based in Dubai to send these fake documents to the investors.
Businessman’s Dubai Trip Exposed the Racket
A police officer revealed that the scam came to light after a 62-year-old Mumbai businessman was asked by the accused to visit their supposed company in Dubai. In March this year, the businessman travelled there and discovered that the firm, in which he had invested Rs.5.24 crore over four months, did not exist.
How Victim Was Cheated of ₹5.24 Crore
In October last year, the businessman received a call from one of the accused, who posed as an employee of a Dubai-based investment company. The caller offered him lucrative returns and convinced him to invest.
The complainant deposited money in November but noticed that the bank account provided was a personal one. When questioned, the so-called director of the firm claimed it belonged to an employee and assured him that the money would soon be transferred to the company.
Forged Cheques and Fraudulent Promises
When the victim later visited Dubai, he found that no such company existed. He stayed there for eight days, during which one of the accused claimed to be in the US. When the businessman demanded a refund, the accused allegedly sent him forged cheques, demand drafts, and other documents.
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Cyber Police Operation Details
Growing suspicious, the victim finally approached the police, leading to the exposure of the scam. The operation was led by Senior Inspector Suvarna Shinde and Sub-Inspector Vijay Ghorpade of the Western Cyber Cell, under the supervision of DCP Purushottam Karad.
