A Large Share-Trading Scam in Pune caused the arrest of 5 Fraudsters for 54.6 Lakh
“Now, trading has also indulged in cyberfraud cases that are causing a loss of hefty amounts to traders!”
Five people have been taken into custody by the Pimpri Chinchwad police’s Cybercrime section in relation to a share-trading scam in which a victim was purportedly defrauded of Rs 54.60 lakh.
The accused deposited and withdrew money from multiple places using mule bank accounts in order to launder the illegal money. The defendants were identified by the police as Rajesh Kushwaha, Pradip Kane, Harishid Ghotan, Poonam Jain (42), Ganesh Dhole (28), and Madhya Pradesh.
Officer
| “We have discovered that these suspects transferred funds to different bank accounts before taking them out. These bank accounts are located in New Delhi and Madhya Pradesh. We dispatched teams to these locations and took them into custody,” an officer said.
“Between July 2 and July 9, one complainant in particular was tricked into making repeated investments through an app, resulting in a scam of Rs 54.6 lakh. At first, the complaint made a little deposit that seemed to be paying off. He kept investing after being encouraged by these fictitious gains until the software malfunctioned and his access was blocked,” the officer said. “The accused employed advanced internet marketing to present his trading app as authentic. Fake dashboards with increasing earnings were provided to a lot of investors. However, the app would either crash completely or become unusable if big amounts were deposited,” the officer said.” |
Police
| Under the pretense of a profitable stock trading platform, the principal accused enticed victims with promises of large returns before embezzling their money. |
According to investigations, the suspects set up several bank accounts and shell companies in order to launder the money. Police are looking for digital traces connected to the accused and have stopped suspicious bank activities.
Shivaji Pawar, Deputy Commissioner
People are encouraged to get in touch with the Pimpri Chinchwad Cyber Police if they think they might have been the target of similar fraud.
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