Mumbai, Oct 27 (IANS) One person has been arrested by Maharashtra Cyber in connection with a Rs 4.97 lakh online share market investment fraud case, officials said on Tuesday.
The complaint was filed by 42-year-old Kalyan, who was allegedly induced to invest money through an online trading application after being approached through a social media advertisement and a WhatsApp group operating under the name “Breakthrough Communication”, according to the officials.
As per the complaint, the fraud took place between August 25 and September 23, when Kalyan came across a social media advertisement referring to Susquehanna International Group and subsequently joined a WhatsApp group.
“A person using the name ‘Shikha Sharma’ allegedly contacted the complainant, provided investment-related guidance, and encouraged him to invest in the share market through a trading application. Believing the representations to be genuine, the complainant transferred a total amount of 4.97 lakh into eight different bank accounts,” officials said.
After suspecting financial fraud, Kalyan reported the matter through the National Cyber Crime Helpline 1930 on September 27.
Subsequently, an FIR was registered at the Nodal Cyber Police Station, Maharashtra Cyber, under Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS), read with Sections 66(C) and 66(D) of the Information Technology (IT) Act.
Officials said that following this, Maharashtra Cyber initiated an investigation to trace the financial transactions and identify the persons involved in facilitating the fraud.
“During the investigation, the police examined the banking trail and the movement of the defrauded funds across multiple accounts. The investigation revealed that the money had moved through various bank accounts,” they added.
According to officials, further inquiry indicated that the funds received in an account belonging to Nikhil Kamble were allegedly withdrawn in cash and handed over to the arrested accused, Mohammed Ali Kapadia, through an intermediary arrangement.
Mohammed Ali Kapadia (23) appeared before the investigating officer on October 26. During questioning, his alleged role in receiving and disposing of cash linked to the fraudulent transactions came under investigation. He was subsequently arrested in connection with the case, officials said.
They added that the investigation further indicates that the accused may have acted in coordination with other persons to facilitate the withdrawal of money generated through cyber fraud.
–IANS
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