Bandra Cyber Fraud Bust: Three Arrested in 18-Crore Investor Scam

Mumbai Police have arrested three individuals involved in a massive cyber fraud scheme that duped investors of crores under the guise of stock trading. The accused were linked to 28 cases totaling Rs 18 crore in victim losses across India. Investigations are ongoing.

The Mumbai Police have arrested three individuals in a significant bust involving cyber fraud, officials announced on Tuesday. The arrests took place in Bandra, following accusations that the trio duped investors out of crores by promising high returns from share trading.

The inquiry uncovered a total of 28 cases linked to the same fraudsters, revealing combined investor losses of Rs 18 crore across multiple states. The unraveling of the scam began after a 49-year-old Goregaon resident reported to the North Region Cyber Police Station that he had fallen victim, losing Rs 2.77 crore.

Police discovered the victim was lured through a WhatsApp group where stock market tips were exchanged. Following the provision of a link to download an investment app, the victim transferred funds to accounts controlled by the fraudsters. The suspects have been identified as Rishabh Shirodkar, Krishna Arun Gawali, and Sohail Shaikh alias Jack. The investigation continues as authorities pursue further leads.

(With inputs from agencies.)