Nagpur/Mumbai: In a major crackdown on an alleged online investment fraud network, Mumbai Cyber Police have arrested three men from Nagpur for their suspected involvement in a ₹58.72 lakh share trading scam. The investigation has also uncovered links to at least 73 cybercrime cases registered across India, including six cases in Mumbai.
The arrests were made by the South Cyber Police Station of the Mumbai Crime Branch following an investigation into a complaint filed by a man who allegedly lost ₹58,72,410 after being lured into investing in share trading with promises of high returns.
According to police, the fraud took place between June 10 and September 8. A woman identified as Meera Iyer, along with her associates, allegedly persuaded the victim to invest in the stock market by promising substantial profits. The victim was subsequently induced to transfer money into multiple bank accounts.
A case was registered on September 9 under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
Money Trail Leads Investigators to Nagpur
During the investigation, technical analysis and information obtained from the National Cyber Crime Reporting Portal revealed that ₹24.75 lakh of the defrauded amount had been transferred to a current bank account in Nagpur’s Jaripatka area.
The account was registered in the name of a company called Grain Garden Delights Private Limited, which police suspect was created as a shell company to facilitate the movement of fraud proceeds.
Following the money trail, a Mumbai Cyber Police team travelled to Nagpur and arrested three suspects on November 2.
The arrested accused have been identified as:
- Amit Diliprao Kale (34)
- Rithik Shailesh Dhargave (25)
- Aniruddha Satish Uke (30)
Police have identified Kale as the alleged mastermind of the racket.
Fake Company and Documents Used
Investigators reportedly found that Kale and Uke had conspired to establish Grain Garden Delights Private Limited using Dhargave’s documents and a fabricated rental agreement. A bank account was subsequently opened in the company’s name.
Police suspect that the account was used to receive and transfer money obtained through cyber fraud. Kale allegedly used a mobile number registered in Dhargave’s name to facilitate online transactions and coordinate with other members of the network.
25 SIM Cards and Documents Seized
During the operation, police seized a substantial collection of materials allegedly used in the fraud, including:
- Cheque books and passbooks linked to 11 bank accounts.
- 25 SIM cards belonging to different telecom operators.
- Debit and ATM cards.
- Rubber stamps belonging to 11 shell companies.
- QR codes and stamp pads.
- Documents and PAN cards associated with fictitious companies.
73 Cyber Fraud Cases Under Investigation
The investigation has reportedly established links between the accused and 73 cybercrime cases across the country, including six cases registered in Mumbai.
The police are investigating the wider network, the role of other suspected associates and the movement of money through multiple bank accounts.
The case highlights how fraudulent investment networks allegedly use fake companies, bank accounts and multiple SIM cards to route money obtained from unsuspecting investors.
