3 days ago
Cyber police arrest two for facilitating online share trading fraud targeting senior citizen
Mumbai: Two persons, including a woman, were arrested by the cyber police for allegedly allowing their bank accounts to be used by fraudsters under the guise of a digital marketing firm.
They knowingly received fraudulent funds for monetary considerations. The duo was arrested after the fraudsters impersonated share brokers and, under the pretext of lucrative returns on stocks and IPO trading, duped a senior citizen to the tune of Rs 55 lakh.
The arrested accused have been identified as Santosh Kumar Tanti (30), originally from Dhanbad in Jharkhand, and Sapna Baghela Pandey (25), from Siwan in Bihar.
Both were staying together in rented premises at Versova, Andheri. Police stated that their names emerged during the investigation of the complaint of a senior citizen whom the accused cheated of Rs 55 lakh. The fraudsters contacted the complainant between Jan 21 and Fe 20, 2025, via WhatsApp, impersonating representatives of a well-known brokerage firm.
The scammers lured Sheth into joining a WhatsApp group and investing in Initial Public Offerings (IPOs) and stock trading through a fake trading portal.
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Using the pretext of lucrative returns on stock and IPO trading, the accused manipulated the victim to invest through a fake trading link, which was identical to QRL.
Initially, the victim was asked to deposit small amounts. He first transferred Rs 2,00,000 to an ICICI Bank account. Later, seeing what appeared to be rising virtual profits in his so-called trading account, he continued to invest larger sums, believing he was allotted an IPO worth over Rs 10 lakh.
Gaining his trust by showing inflated virtual profits, the fraudsters induced him to transfer Rs 55.41 lakh into multiple bank accounts.
During the investigation, it was revealed that Rs 13 lakh of the defrauded amount was deposited into the bank account jointly operated by the two accused.
Upon tracing the bank account to their Versova residence, the duo was taken into custody. During interrogation, they admitted to operating the account under the guise of a digital marketing firm and knowingly receiving fraudulent funds.
A mobile phone was seized from them during the arrest, and a formal notice of arrest under Section 47 of the Indian Civil Protection Code was issued. Information about the arrest was also duly notified to the accused's contact, Jagdish Pratap Sanichar Prasad Singh, under Section 48.
The accused further confessed that they facilitated the transfer of funds to other accounts with the help of one Ajay Rath, suspected to be based in Delhi. His full identity is yet to be ascertained, and efforts are ongoing to track him and others involved, said an official. The case underscores the growing menace of online impersonation fraud and highlights the importance of verifying investment platforms before transacting.
Authorities urge citizens to remain vigilant and report suspicious financial schemes to the nearest cyber cell.
