Six Arrested After INOX Executive Falls Victim to WhatsApp Impersonation Scam

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Six individuals have been arrested in a financial fraud case involving the unauthorized transfer of over ₹10.40 crore from an INOX Group executive.

Arrests in Financial Fraud Case

Mumbai Police have apprehended six individuals linked to a financial fraud scheme that resulted in the unauthorized transfer of over ₹10.40 crore from an executive associated with the INOX Group. According to investigators, the suspects facilitated the movement of illicit funds by allowing their bank accounts to be used for receiving stolen money in exchange for financial incentives. They reportedly provided cheque books and debit cards to the orchestrator of the scheme to enable cash withdrawals.

Social Engineering Tactics Exploited to Siphon Funds

The fraudulent activity began when an individual impersonating a company director used a manipulated display picture to deceive the executive. The fraudster initially claimed to be in a meeting and promised to call back, later instructing the victim to transfer ₹46.5 lakh to a specified bank account. Over the period from June 3 to June 15, the executive allegedly transferred company funds to multiple accounts identified by the perpetrator.

Complex Money Laundering Network Uncovered

Investigators revealed that a total of 63 transactions, aggregating to ₹10,40,71,924, were executed from the company’s accounts. The scheme was uncovered when the executive sought verification from the actual company director and discovered that no legitimate payment instructions had been issued. The arrested individuals, identified as Dnyaneshwar Thoke, Birendra Kumar Bhagat, Ranjan Kumar Kharwar, Vikas Bind, Vansh Menocha, and Faizay Shabbir Hussain Alam, are accused of enabling the transfer of illicit funds into their accounts for a share of the proceeds.

Gold Transactions Allegedly Used to Conceal Illicit Proceeds

Authorities allege that the mastermind of the operation employed a strategy to launder the stolen funds by directing the suspects to secure loans and purchase gold. The fraud proceeds were reportedly used to repay these loans, after which the gold bullion was transferred to the primary accused.

Public Awareness Campaigns Initiated by Law Enforcement

Deputy Commissioner of Police Bajrang Bansode emphasized the importance of verifying financial instructions received through digital platforms, particularly those involving display pictures or fake stock market applications. He advised the public to remain vigilant against individuals posing as law enforcement officers and threatening “digital arrests,” urging immediate reporting of suspected cybercrime through local police stations, the 1930 helpline, or official cybercrime portals.

According to investigators, the suspects facilitated the movement of illicit funds by allowing their bank accounts to be used for receiving stolen money in exchange for financial incentives.