Three arrested in Nagpur over Rs 58.72 lakh share trading fraud linked to 73 cyber cases

Mumbai cyber police have arrested three people from Nagpur in a crackdown on an alleged online investment fraud network. They are suspected of involvement in a share trading fraud of Rs 58.72 lakh. The investigation has also linked them to at least 73 cyber crime cases registered across the country, six of which are in Mumbai.

The arrests were made by the South Cyber Police Station of the Mumbai Crime Branch. The case began with a complaint from a man who alleged that he was lured into investing in share trading with the promise of high profits and lost Rs 58,72,410.

According to police, the fraud took place between June 10 and September 8. A woman named Meera Iyer, along with her associates, allegedly persuaded the complainant to invest in the stock market and assured him of huge profits. He was then made to transfer money to several bank accounts. A case was registered on September 9 under the relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.

Technical analysis and information from the National Cyber Crime Reporting Portal showed that Rs 24.75 lakh of the defrauded amount went to a current account in Nagpur's Jaripatka area. The account was in the name of a company called Grain Garden Delights Private Limited. Police suspect it was set up as a shell company to route the fraud money.

Following the money trail, a Mumbai cyber police team reached Nagpur and arrested three suspects on November 2. They are Amit Diliprao Kale (34), Rutik Shailesh Dhargawe (25) and Aniruddha Satish Uke (30). Police have described Kale as the alleged mastermind of the racket.

Police investigation allegedly revealed that Kale and Uke together set up Grain Garden Delights Private Limited using Dhargawe's documents and a forged rent agreement. A bank account was then opened in the company's name. Police suspect that money from cyber fraud was received in this account and sent onward. Kale is also alleged to have used a mobile number registered in Dhargawe's name to carry out online transactions and coordinate with the rest of the network.

During the action, police seized a large quantity of material that allegedly was used in the fraud. It includes chequebooks and passbooks linked to 11 bank accounts, 25 SIM cards of different telecom companies, debit and ATM cards, rubber stamps of 11 shell companies, QR codes, stamp pads, and documents and PAN cards linked to fake companies.

According to police, the accused have been found to be connected to 73 cyber crime cases across the country. Police are now investigating the entire network, the roles of other suspected associates and the movement of money through several bank accounts.