On June 3, police in Navi Mumbai announced that two individuals, one of whom was a hotel server, had been taken into custody for allegedly defrauding clients out of about INR 3.70 crore through the false pretense of investing in the online share market.
According to an official release from the cyber police, senior inspector Gajanan Kadam stated that the two individuals, Salman Nizamuddin Khan, 35, a waiter, and Prakash Karamsi Bhanushali, 39, both from Navi Mumbai, were also charged in another fraud case.
The suspects deposited INR 46,00,000 in illicit funds into several accounts, which the police, assisted by banks, have frozen.
By offering investors huge returns, the defendants persuaded them to trade shares between February 17 and April 24. Police claimed that during that time, they defrauded the victims out of INR 3,70,06,000 in total.
Senior Inspector Kadam stated that a formal complaint was filed with the cyber police under pertinent provisions of the IT Act and the IPC by a few of the victims against unnamed individuals. This led to the registration of a formal complaint, or FIR.
In the course of their investigation, the police received information that two of the criminals were planning to open accounts at the Turbhe branch of a cooperative bank. On May 31, they set up a trap at the bank and caught the pair, according to the press release.
During their questioning, hotel waiter Khan and his accomplice Bhanushali were found by the authorities to have also been involved in defrauding those in need of cash on an urgent basis.
By persuading gullible people to provide the paperwork needed to open a bank account, the pair would guarantee to arrange funds. The police claimed that after they had these credentials, they would be able to get SIM cards in their names as well as the Gumasta and Udyam certificates required to open enterprises.
According to the press release, in exchange for large sums of money, the pair created false current accounts in the names of various businesses and sent the victims' bank account information to their contacts in Dubai.
According to the police report, the individuals who were arrested had also committed crimes in Telangana, Uttar Pradesh, and Chhattisgarh.
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