Online Share Trading Scam: Cyber Crime Police Arrest Two, Freeze Dozens of Bank Accounts
Online Share Trading Scam: Cyber Crime Police Arrest Two, Freeze Dozens of Bank Accounts
The pair has been remanded in police custody until 18th June. According to authorities, the group utilised multiple bank accounts to receive funds from the victim.
14th June 2024
On Wednesday, the Cyber Crime police apprehended two individuals suspected of defrauding a software engineer and his family of Rs 5.14 crore through an online share trading scam. Those arrested were identified as 34-year-old Harmeetsingh Randhawa, employed as a security guard in Virar, and 45-year-old Vimalprakash Gupta, who works as a private tuition teacher in Goregaon.
The pair has been remanded in police custody until 18th June. According to authorities, the group utilised multiple bank accounts, including Randhawa’s, to receive funds from the victim. Randhawa admitted to authorities that he had sold his account for Rs 10,000, while Gupta subsequently sold it to another accomplice.
The victim informed the police that in January, he was added to a WhatsApp group where members discussed online share trading and potential profits. Subsequently, expressing interest in investing, he underwent training in share trading and was instructed to download an app called “Retail Home”. A virtual account was set up for him, and later, three members of his family also invested in the scheme, as per police reports.
Between January and 1st March, the complainant and his family collectively transferred Rs 5.14 crore across approximately 50 bank accounts. The total investment and purported profit displayed in the virtual account amounted to Rs 87.85 crore.
When the complainant attempted to withdraw his funds, he encountered difficulties. Upon inquiring with the accused individuals, he was informed that he needed to pay taxes. This raised suspicions for the complainant, leading him to realise that something was wrong, prompting him to file a First Information Report (FIR).
Under the leadership of DCP Datta Nalawade, a team including senior inspector Datta Chavan, assistant inspector Nitin Gacche and police personnel Sangram Jadhav, Suyesh Lokre and Vijay Jadhav initiated the investigation and apprehended the accused from their respective residences.
The police have taken action to freeze over 70 bank accounts. Authorities also revealed that Gupta’s email ID was associated with Randhawa’s account. Investigations are ongoing to identify additional bank accounts related to the case, and efforts to locate other wanted individuals are underway.
