Cyber Fraud Ring Busted: 11 Arrested for Stock Market Scam

Eleven members of a cyber fraud gang have been arrested in Maharashtra for duping a Mumbai resident of Rs 8.56 lakh with false promises of stock market returns. Following an investigation, police traced the money and apprehended the suspects, recovering electronic materials and vehicles worth Rs 58 lakh.

In a major crackdown on cyber fraud activities, police in Maharashtra have apprehended 11 individuals linked to a syndicate that scammed a local resident out of Rs 8.56 lakh. The arrests were made across various districts including Satara, Pune, Jalgaon, and Nashik, several months after the initial complaint was lodged.

The incident came to light when a 60-year-old Mumbai man reported being cheated after being lured into investing in online stock trading with the promise of substantial profits. Despite the hefty investment, the returns never materialized, prompting the victim to file a complaint.

Authorities managed to trace the fraudulent financial transactions back to several bank accounts and subsequently launched a series of arrests, dismantling the gang's operations. Among the seized items were mobile phones, laptops, and two cars, collectively valued at over Rs 58 lakh.

(With inputs from agencies.)