In a major crackdown, the Cyber Cell of the North Region Police arrested Haider Abdul Qadir Syed, alias Sahil, for defrauding people in the name of share trading. Investigations revealed that he facilitated the opening of multiple bank accounts for other cyber fraudsters involved in similar scams. Sahil is currently in police custody, and interrogations are underway to identify his accomplices.
A 74-year-old retired individual and his wife, residents of Malad, became victims of an elaborate online scam. The complainant, who had invested in shares and owned a Demat account, came across a private company’s website while exploring investment opportunities in September. After logging in with his credentials, he was added to a WhatsApp group by the company, which shared daily updates about stock trends, IPOs, and other financial data.
The couple initially invested ₹30.43 lakh in various shares through the platform after being assured of lucrative returns. They even managed to transfer some of the returns to their bank account, which reinforced their trust in the company. Encouraged by the profits, they invested an additional ₹36.50 lakh over the next three months.
However, trouble began when they tried to withdraw their money. The company demanded a tax and deposit payment of ₹30 lakh, later reduced to ₹20 lakh, to process the withdrawal. This raised suspicion, and upon contacting the company, they discovered it was unrelated to the platform they were using.
Realizing they had been duped, the couple filed a complaint with the Cyber Cell. Based on technical evidence, the police detained Haider Abdul Qadir Syed for questioning. Investigations revealed that Sahil had opened bank accounts used by the fraudsters to transfer the scammed money. He reportedly earned a commission for his role in the operation.
Sahil was produced before the Borivali Court, which remanded him to police custody. The police have also identified several other suspects linked to the scam and are conducting further investigations to apprehend them.
The case serves as a stark reminder to investors to exercise caution and verify the authenticity of platforms before making financial transactions.