In a major crackdown on cybercrime, the North Region Cyber Police of Mumbai has arrested three members of a syndicate operating in India that duped ordinary citizens of crores of rupees by luring them with promises of quick profits through fraudulent share trading schemes.
According to the complaint, the victim was contacted via social media by an unknown WhatsApp user between February 17 and March 11, 2025, and was added to a group named "K05-IIFL Securities Limited." The group’s admins and members offered seemingly lucrative trading tips and guidance, promising significant profits through share trading. The victim was coerced into downloading a fake trading app named IIFL Markets through a suspicious link: https://d3pcx4.g7mhiud.cloudfront.net/4cqzgk.
Using the pretext of block trading, QIP investments, and IPO purchases, the fraudsters persuaded the victim to transfer large sums of money into multiple bank accounts. The victim was shown fictitious returns to gain trust. However, when the victim attempted to withdraw the profits, further payments were demanded under false pretences such as tax deductions and low credit scores. Through this elaborate scam, the victim was defrauded of a total of Rs. 2,77,42,651.
The accused used multiple current accounts, including those from IDFC First Bank, to carry out the fraud. Rupak Shirodkar (38) opened a fraudulent account in the name of a fake company “Rudra Enterprises” using his own documents. Another accused, Krishna Gawli (24), handed over the bank account, net banking credentials, and linked SIM cards to the third accused Sohail Nazir Sheikh alias Jack (30), who laundered the defrauded amount.
Investigations revealed that the bank accounts used in the fraud were involved in at least 28 similar complaints filed across various police stations in India, and have collectively been used to siphon off over Rs. 18 crore.
The North Region Cyber Police arrested all three accused – Rupak Shirodkar, Krishna Gawli, and Sohail Sheikh alias Jack – and have seized four mobile phones, cheque books and debit cards of Yes Bank and IDFC First Bank from their possession.
Speaking on the matter, DCP Datta Nalawade of Mumbai Cyber Police confirmed the arrests and stated that further investigation is underway.