Navi Mumbai Police Crack Down on Multi-city Share Trading Scam

Navi Mumbai police have arrested eight individuals involved in a share trading scam and dismantled a call center in Indore aiding their operations. The investigation was launched following a complaint by a man who lost Rs 21.71 lakh. The gang is suspected of similar frauds in multiple cities.

In a significant breakthrough, Navi Mumbai Police have apprehended eight suspects in connection with a large-scale share trading fraud, shutting down a call center in Indore that allegedly facilitated their illegal activities, an official confirmed on Friday.

The investigation commenced after a complaint from a victim who was swindled out of Rs 21.71 lakh between March 18 and April 17 by the accused. Deputy Commissioner of Police (Zone II Panvel) Vivek Pansare informed the media that the victim was duped into investing in shares through a fraudulent application.

Following the registration of a case under the Indian Penal Code and Information Technology Act at Kamothe police station, it was transferred to the EMC Cyber cell of Panvel police. Senior Inspector Deepali Patil's team tracked various leads, culminating in the capture of the eight suspects in Bengaluru and Indore. Police seized 60 mobile phones, four laptops, 20 SIM cards, and bank documents from the call center. The gang is believed to have set up 25 bogus websites and is suspected to be involved in similar scams across multiple Indian cities.

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