Navi Mumbai Police Busts Fake Stock Trading Call Centre, Uncovering Rs 1.02 Crore Cyber Fraud Scheme

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Law Enforcement Cracks Down on Fake Stock Trading Call Centre, Uncovering ₹1.02 Crore Cyber Scam

In a significant crackdown on cybercrime, authorities in Navi Mumbai have dismantled a fake stock market advisory call centre operating in the Mahape Industrial Area. The operation was conducted on March 12, following a tip-off about suspicious activities at the premises.

Modus Operandi of the Scam

According to preliminary investigations, the group had been luring investors from across the country with promises of high returns, defrauding them through the fake call centre. The scam is estimated to have siphoned off approximately ₹1.02 crore from unsuspecting victims.

During the raid, officials discovered 22 individuals working at the facility, who were communicating with potential investors via messages and phone calls using computers installed at the centre. The operation was disguised as a legitimate share market research company, with staff allegedly assuring investors of profitable opportunities in intraday and equity stock trading.

Records and chats recovered from the computers and phones revealed that investors were persuaded to deposit money with the promise of higher returns. Funds were then routed directly into bank accounts shared by the operators.

Investigation and Arrests

Initial findings suggest that the call centre defrauded several victims nationwide, using payment links and bank transfer instructions to collect funds. The investigation has linked the call centre to at least five cyber fraud complaints from different states, establishing a clear connection between the victims and the fraudulent operation.

Two individuals, Shivam Vinodkumar Dubey and Sujit Masicharan Warimiki, both residents of Thane district, have been arrested in connection with the scam. A third suspect remains at large, and efforts are underway to trace and apprehend them.

Seizure of Evidence and Warning to Public

The authorities have seized computers and phones, which will be analyzed to determine the scale of the fraud and the exact modus operandi used to manipulate and siphon investor funds. Cybersecurity experts have noted that such fraudulent call centres are proliferating rapidly, often preying on individuals with the lure of quick profits.

The police have urged the public to exercise caution and avoid sharing sensitive banking or investment information in response to unsolicited calls or messages. The crackdown is intended not only to protect investors but also to send a strong message against such illegal operations.

Further investigation will focus on uncovering other members and collaborators within the network and understanding the schemes used to defraud unsuspecting investors.