Pimpri-Chinchwad: Pimpri-Chinchwad Police have arrested two people from Kolhapur for duping a resident of Rs 1.5 Crore in a Share Market scam, officials announced on Wednesday. They promised him a 'bull run' in the share market and asked him to invest through their company named "Bull Market".
The action has been taken by the Cyber Police Station. Akram Shamshuddin Shaikh (33) and Vinay Satyanarayan Rathi (34), both residents of Kolhapur, have been detained.
How the Fraud Occurred?
The complainant from the Talegaon Dabhade area was searching for share market investment information on Google. While researching, he came across a company named 'Bull Market'. He clicked on it, and after he showed interest, he received phone calls from unknown persons using a number registered in England.
Officials said, "The accused lured the victim with the promise of good returns while investing through Bull Market. He was promised a bull run in the share market. He invested ₹9.84 lakh in cash and two Bitcoins valued at ₹ 1.44 crore. but didn't receive the money, nor the invested amount."
According to share market experts, A bull run in the share market means a long period when stock prices keep rising. At this time, investors feel confident, and more people buy shares expecting further growth and profits.
Modus Operandi & Police Action
Following the registration of a case at the Cyber Police Station, the police started investigating the matter thoroughly. Through technical investigation, they identified that the accused are from Kolhapur. As soon as the suspects, Akram and Vinay, sensed that the police were on their trail, they attempted to flee to Mumbai by car. They were pursued and arrested at the Urse Toll Plaza on the Pune-Mumbai Expressway.
DCP (Crime) Dr Shivaji Pawar said, "It was revealed that the accused Akram was involved in obtaining various bank accounts. Vinay, who worked for a SIM card company, would update the corresponding bank accounts online and provide them to a person named Viraj Joshi in Mumbai for the purpose of cyber fraud. The investigation has revealed that the accused were committing these crimes while in contact with an individual based in Dubai."
Police Team
This operation was carried out under the guidance of Pimpri-Chinchwad Commissioner of Police Vinoy Kumar Choubey, JCP Dr Shashikant Mahavarkar, Addl CP Sarang Awhad, DCP Dr. Shivaji Pawar, and ACP (Crime 1) Dr Vishal Hire.
Cyber Police team included PI Ravikiran Nale, API Pravin Swami, PSIs Vaibhav Patil, Sagar Poman, Rohit Dolas, Prakash Katkade, and Police Constables Subhash Patil, Sopan Bodhwad, Hemant Kharat, Madhav Arote, Abhijit Ukirde, Vishal Nichit, Atul Lokhande, Pravin Shelkande, Swapnil Khanse, Mukund Ware, Santosh Sapkal, Bhavika Pradhan, and Deepali Chavan.
