Navi Mumbai Cyber Cell Arrests Former and Present Bank Employees Involved in Stock Market Investment Fraud

Navi Mumbai Cyber Cell Police arrested one present and one former employee of a bank for allegedly cheating several people on the pretext of giving high returns for investment in the stock market. The police also freezed Rs 15.31 lakh in bank accounts used for committing the crime. The Cyber Police station registered a case in February 2024 after a doctor lost Rs 33 lakh to cyber frauds while making investment in the stock market through an app he came across on social media. The cyber frauds lured the victim with high return and got transferred the money and later stopped responding.

While investigating the case, the cyber police traced the bank account and mobile number where the money was transferred, and the mobile number linked with the bank account. Later, the police detained Pravin Kumar Mishra, 26, an unemployed and resident of Ulhasnagar in Thane. When Mishra was interrogated, he revealed was working as ECBDM (Emerging Corporate Business Development Manager) and his friend identified as Ashok Shyamlal Chauhan, 27, a resident of Kolsewadi in Kalyan and native of Uttar Pradesh involved in cheating people. Chauhan was already working as ECBDM at at the bank when he was arrested. Both were working in the same branch of the bank.

According to police, Mishra used to bring people for personal loan and used to open a current account with the help of Chauhan. Later, Chauhan used to keep the cheque book and ATM card and used them for cyber fraud. police seized four mobile phones, 8 sim cards, 7 debit cards, two cheque books, 3 passbooks, and 6 rubber stumps. police claimed that at least four cases of cyber frauds committed across the country were solved with their arrest.