Mumbai Cyber Police Arrest Second Accused in Rs 4.12 Crore Share Market Fraud

The South Cyber Police Station of the Mumbai Crime Branch has arrested the second accused in a major share market investment fraud worth ₹4.12 crore. The arrested individual, identified as Bhavik Mohan Pethana, allegedly operated the first layer bank account that received ₹1.5 crore from the victim.

According to police, between August 20 and September 4, 2025, the complainant was contacted via WhatsApp by two women name Tanishka Sanyam and Ahana Gill, who lured him into a fake stock market WhatsApp group. The accused gained the complainant’s trust and persuaded him to invest through a fraudulent share trading app. By showing fabricated profits and offering promises of higher returns, the gang allegedly cheated the complainant of ₹4,12,35,106 through multiple bank accounts.

Following the complaint, a case was registered under Sections 318(2), 319(2), and 61(2) of the Bharatiya Nyaya Sanhita (BNS) along with Sections 66(c) and 66(d) of the Information Technology Act at the South Cyber Police Station.

Earlier, on September 16, 2025, police had arrested Rehan Niyaz Ahmad Thange (22), a resident of Mumbra, Thane, who had received ₹31 lakh in his bank account from the same fraud. Thange is currently in judicial custody.

During the probe, investigators found that ₹1.5 crore had been transferred from the complainant’s account to Ascent IT Service, a Kolkata-based company located in Ashwininagar. The company has two directors — Bhavik Mohan Pethana (from Siddharth Nagar, Goregaon, Mumbai) and Pranab De Sarkar (from Haridevpur, West Bengal).

After receiving intelligence that Bhavik Pethana was in Mumbai, a police team conducted a search operation and apprehended him. Investigations revealed that the company’s bank account is linked to 74 complaints across India on the National Cyber Crime Portal. These include three cases in Mumbai — one registered with the East Cyber Police Station and two with the North Cyber Police Station.

The arrest marks a significant breakthrough for the South Cyber Police Station, Mumbai, in uncovering the first-layer financial trail of the multi-crore cyber fraud.