The Cyber Police of the Crime Branch, Mumbai, have arrested a 51-year-old painter from Ghatkopar for allegedly defrauding a 71-year-old retired financial professional of around Rs 2 crore by falsely promising high returns on investments in the stock market.
According to police, the scammers even created applications that resembled well-known investment companies to lure people into investing in them. Police said the victims invested their funds between January 8 and March 7 this year.
A police officer investigating the case said, “The victim was first contacted by the fraudsters in the first week of December. A woman identifying herself as Gayatri Devi called the victim directly on WhatsApp and claimed that their company does stock market analysis and with their expertise, they can help the victim earn high returns.”
The victims were added to a WhatsApp group. Police said the group had over 150 members and would regularly post messages claiming that someone had earned a huge amount of money in a bid to lure victims.
“The fraudster even thanked the managers and company officials,” the official said.However, after observing for more than a month, the victim started investing money.
Police said the fraudsters ask victims to transfer the amount to their bank accounts and the victims follow the instructions.
Police said the fraudsters would then continue to update his profile on the app to maintain credibility.
The complainant carried out around 24 transactions and transferred Rs 198 crore to the fraudster’s bank account. “In the application form, the complainant’s profile had mentioned an income of Rs 14 crore,” the investigating officer said.
The incident came to light when the victim expressed interest in withdrawing some of his savings. He became suspicious when the scammers began demanding taxes in return for the withdrawal, leading him to visit the company’s office.
The victim realised she had been duped and filed a complaint with the Central Cyber Police Station in March. After conducting a preliminary investigation, the police registered a case under relevant sections of the Indian Penal Code and the Information Technology Act for cheating, impersonation and forgery.
During investigation, police found that the funds were withdrawn in the states of Assam, Jharkhand, Tamil Nadu and Jharkhand.
“However, there was one account holder who remained in Ghatkopar,” the investigator said, adding, “We subsequently got his address and mobile phone, following which we set a trap around his house and arrested him.”
During cross examination, the accused, who identified himself as Surendra Surve, claimed that the fraudsters had advertised jobs for cleaners and office staff. He applied for the jobs and submitted his documents as part of the recruitment process.
“The fraudsters then opened a bank account in his name and started using his account to transfer the amount obtained through fraud,” the officer said.
However, investigators found that Serve had been paid some amount of money and therefore allowed the fraudsters to use his bank account to commit the crime.
Police said they were trying to locate and arrest the masterminds behind the incident.
© Indian Express Ltd.
First uploaded: 18 Jun 2024 13:13 IST
