Mumbai: Dongri Police Bust Rs 8.56 Lakh Stock Market Scam, 11 Arrested

In a major action against cybercrime, Dongri Police have arrested 11 individuals involved in duping investors through a fake share market application. The accused targeted unsuspecting victims by promising high returns on investments.

The case came to light after Raviraj Kamble (60) filed a complaint, stating that he was tricked into investing ₹8.56 lakh through a fraudulent app named “SMC.” Believing in the promise of stock market profits, Kamble transferred the money to various bank accounts. When no returns materialized, he realized it was a scam and approached Dongri Police.

Following the complaint, police arrested Gautam Gopal Das (48) and Srinivas Raju Rao (36) in December 2024. Further investigation revealed that accounts in the Bank of Maharashtra were used to channel the funds. This led to the arrests of Omkar Yuvraj Thorat (27) and Shrikant Balasaheb Salunkhe (22). The trail eventually led to Ojas Chaudhary (30), who was nabbed from Mumbai Central.

The investigation took a new turn when it was discovered that the mastermind behind the fraud was operating from Goa. Acting swiftly, Dongri Police, with assistance from local authorities, arrested six more suspects from the Goa state.

During the operation, police seized a large quantity of electronic equipment and luxury vehicles, including over 15 high-end mobile phones, five laptops, a tablet, and two expensive cars—a Jaguar worth ₹50 lakh and a Mahindra XUV700 valued at ₹8 lakh.

It was also uncovered that some members of the gang had international links, particularly with fraud networks in Cambodia and Nepal. The accused purchased Indian bank accounts and used platforms like Telegram to target Indian citizens in their fraudulent activities.

The investigation was led by a special team under the guidance of the Deputy Commissioner of Police, Zone 1 and the Senior Police Inspector of Dongri Police Station. The crackdown has delivered a major blow to cyber criminal operations, and further investigations are ongoing.