Mumbai: Cyber Cell Busts Eight-Member Gang For Rs 51 Lakh Fraud In Investment Scam
Mumbai, 15th November 2024: The city cyber cell has dismantled an eight-member gang, including mobile service providers and mobile store owners, accused of orchestrating a fraudulent investment scheme in share trading. Using SIM cards registered with fake identities, the gang allegedly targeted high-profile individuals, securing the SIMs through falsified documents. Their scheme deceived a businessman into investing ₹51 lakh, with police estimating that the group obtained 30,000 SIM cards and defrauded thousands across India.
According to Datta Nalawade, deputy commissioner of police (crime), the gang’s method involved filing duplicate applications for each SIM card during the porting process. These SIMs were then misused for fraud. In the past year, they amassed 30,000 SIM cards, which enabled them to carry out their scams on a national scale.
Those arrested include Mahesh Kadam, Rohit Yadav, Sagar Thakur, Raj Aradi, mobile service employees Gulabchand Jaiswar and Mahesh Pawar, and mobile shop owners Usmanali Shaikh and Akkbukar Yusuf. Investigators disclosed that the group strategically used these untraceable SIM cards to communicate, preventing their identities from being easily uncovered.
Further inquiry suggests that some mobile service providers may have colluded with the gang or knowingly supplied unauthorized SIM cards. This access was essential to the operation, allowing the suspects to impersonate legitimate brokers and build trust with their targets, leading to significant financial losses.
The scam came to light following a report by Amit Amembal, a resident of Prabhadevi, who lost over ₹51 lakh to the scheme. Amembal responded to an Instagram ad promising high returns on stock investments, which led him to join a WhatsApp group called “MSFL Stock Chart 33.” The group’s admin, identified as Juhi V. Patel, and an alleged broker representative, Dhruv S. Marwari, persuaded him to invest through multiple bank transactions. Initially, small gains were credited to his account, increasing his confidence. However, after he invested larger sums totalling ₹51.36 lakh, his attempts to withdraw returns were met with requests for additional payments, allegedly for IPO fees and commissions.
Investigations revealed that the WhatsApp accounts were linked to phone numbers registered under fake identities, complicating efforts to trace the suspects. Police have filed charges for forgery, fraud, and conspiracy under the IPC, along with provisions of the Information Technology Act. The cyber cell advised the public to verify financial offers, especially those circulated on social media, and report suspicious cases on the national cybercrime helpline. The investigation is ongoing, with efforts underway to apprehend additional suspects and identify more victims.
