Mumbai: Cops Bust Rs 61 Lakh Investment Scam; Three Held for Duping Trader with 30% Return Promise

The North Regional Cyber Police of Mumbai Police has busted a racket that allegedly duped a share trading professional of over Rs 61 lakh by luring him with the promise of a 30% return on investments. Three accused — Lachen Shopie, Bhimbahadur Pradhan, and Ramesh Kumar Abhimanyu — have been arrested in connection with the fraud.

According to the police, the trio is accused of providing their bank accounts to cyber fraudsters, which were used to siphon off the scammed amount. Following their arrest, a local court remanded them to police custody.

The complainant, Sunilkumar Sajjan Kumar Mishra (51), a resident of Goregaon and a share trader by profession, was added to a WhatsApp group named “Trading Titan of Dalal” on November 22, 2024, through an unknown number. The group had over 200 members, most of whom appeared active, and the group functioned like an online share market coaching platform.

A man identified as “Professor Rajeev Batra” was reportedly the mastermind behind the group. Under his influence, many members were persuaded to invest in share trading. Mishra too was encouraged to invest, following which he received a link to register and provide his personal and banking details. A trading account was then created in his name.

Encouraged by what appeared to be profitable returns shown within the group, Mishra decided to invest further. Between December 23, 2024, and January 10, 2025, he was manipulated into investing Rs 61.31 lakh with promises of a 30% return.

Though the returns initially appeared promising, things took a turn when Mishra attempted to withdraw a portion of the invested amount. Despite repeated efforts, the money never reached his bank account. When he contacted customer support through a WhatsApp number, he was informed that a 21% tax payment was required before the withdrawal could be processed.

Finding this suspicious, Mishra refused to pay the tax. Subsequently, the fraudsters cut off all communication. Realising he had been duped, he filed a complaint with the Cyber Helpline and the North Regional Cyber Cell.

Based on technical surveillance and investigation, police identified and detained the three accused — Lachen Shopie, Bhimbahadur Pradhan, and Ramesh Kumar Abhimanyu. Further probe revealed that the trio had opened multiple bank accounts on the instructions of cyber fraudsters. These accounts were used to funnel the scammed funds, after which they were paid commissions for their role.

The police suspect a larger network of cyber criminals involved in similar investment frauds and are continuing their investigation.