Mumbai: Cyber Cell Arrests Man for Duping Govt Official of Rs 12 Lakh in Share Market Investment Scam

The Cyber Cell of the Western Regional Police has arrested a man wanted in a case involving the duping of a central government official of nearly ₹12 lakh under the pretext of offering high returns on share market investments. The accused, identified as Vijay Rajnikant Saha, has also been accused of providing bank accounts to cyber fraudsters. During the investigation, names of other individuals involved in the racket have emerged, and a special operation is underway to apprehend them.

The complainant, a resident of Versova, Andheri, works at the Central Institute of Fisheries Education. On June 26, 2024, he received a suspicious link on his mobile phone. Upon opening the link, he was added to a WhatsApp group related to share market tips. The group actively shared stock market information, which piqued the complainant’s interest.

After a few days, the group admin advised him to invest in the stock market, assuring substantial returns. Members of the group appeared to profit significantly from their investments, which convinced the complainant to proceed.

Between June and September 2024, the complainant transferred ₹12.14 lakh to various bank accounts as directed by the group admin. Initially, he was shown a profit of ₹16 lakh on his investment. When he requested to withdraw the funds, the admin demanded an additional ₹3 lakh as a processing fee.

The complainant refused to pay the fee and instead demanded the return of his initial investment along with the promised profits. However, the admin stopped responding. Realizing he had been duped, the complainant approached the Cyber Cell Police.

Based on the complaint, the police registered a case under charges of fraud and IT-related offenses. Tracking the bank accounts where the money was transferred, the police identified and detained Vijay Saha for questioning.

During the interrogation, Saha confessed to his involvement in the fraud. He revealed that he had provided multiple bank accounts to cyber fraudsters, where the duped money was deposited. In return, he received a commission for his role.

The police have launched efforts to nab other individuals linked to the scam. Further investigations are underway to uncover the extent of the racket.

Authorities have urged citizens to be cautious of unsolicited links and promises of high returns on investments to avoid falling victim to similar scams.