Navi Mumbai: The Cyber Police in Navi Mumbai have arrested two individuals for allegedly orchestrating a massive online investment scam that cheated a 70-year-old retired Mantralaya officer of Rs 4.71 crore. The accused lured the victim with false promises of high returns through investments in IPO and Index Trading, ultimately deceiving him over a period of more than three months.
According to police, the fraud took place between November 30, 2024, and March 5, this year, when the accused manipulated the complainant into transferring funds into multiple bank accounts under the guise of investment opportunities. A case was registered at the Cyber Police Station under Sections 419(2), 420(4), and 34 of the Indian Penal Code, along with Section 66(D) of the Information Technology Act.
Following the registration of the complaint, the cyber investigation team — under the guidance of Senior Police Inspector Gajanan Kadam and Assistant Police Inspector Rohit Bandgar — conducted a detailed technical analysis of bank accounts and digital communication linked to the crime. Based on the investigation, Vikas Prakash Gawhane, a 27-year-old estate agent from Karanjade, was taken into custody. Further interrogation led to the arrest of Manoj Vishnu Kalapad, a 22-year-old BA passout from Malegaon in Washim district. "Kalapad has cheated various people in Washim district and other rural areas and we are investigating the same. The accused had opened a bank account in Panvel under the name of Mahadev Construction for the purpose of getting money transferred. The KYC used for the bank account, belonged to the duo. One more accused is wanted in this," PI Kadam said.
Both the alleged accused were arrested on Saturday afternoon, and were subsequently remanded to four days of police custody by the court. Authorities are continuing their probe to identify other individuals connected to the scam.
Investigators have found that the arrested accused are also linked to at least 10 other cyber fraud cases reported in Maharashtra and other states, suggesting the operation was part of a wider fraudulent network. The suspects are believed to have used fake apps, misleading websites, and WhatsApp groups to lure victims into transferring funds.
The cyber fraud case was cracked under the leadership of Commissioner of Police Milind Bharambe, Joint Commissioner Sanjay Yenpure, Additional Commissioner of Police (Crime) Deepak Sakore, Deputy Commissioner of Police (Crime) Amit Kale, and Assistant Commissioner of Police (Cyber) Bhausaheb Dhole.
The police have urged citizens to remain cautious about online investment schemes and to always verify the authenticity of financial platforms through official regulatory channels. Victims of similar scams are encouraged to approach the cyber police and register complaints.
