Mumbai: Elderly Sisters Duped of Rs 67 Lakh in Stock Market Fraud; One Arrested

The Cyber Cell of the South Region Police has arrested Mohit Akash Bhojraj in connection with a major cyber fraud involving two elderly sisters, who were allegedly cheated of nearly ₹67 lakh under the pretext of investing in the share market.

According to police officials, Mohit was in touch with a notorious cyber fraudster named Salid Mohammad Shaikh. Investigations revealed that Mohit had supplied Shaikh with details of as many as 19 bank accounts, which were used to funnel the defrauded money.

The 67-year-old complainant lives in Girgaon with her mother and sister. Both sisters had invested in a finance company and had been added to an investment-related WhatsApp group in January 2025. The group was administered by a woman named Shruti Baheti, who regularly posted updates on profitable share opportunities.

To win the trust of group members, Shruti used to share chats showing substantial profits earned by others from previous investments. On 21 January, she personally messaged one of the sisters and persuaded her to invest in a “block share deal,” promising high returns.

Trusting her, the victim opened an account with the said finance company and made significant investments. Initially, she did receive returns, which led her sister to join the group and invest as well. Within a short span, the two sisters invested a total of ₹67,15,174.

They were soon shown an inflated portfolio value of ₹1.88 crore, including profits. When they attempted to withdraw ₹50 lakh, the transaction failed. Upon inquiry, Shruti claimed that they needed to pay tax before the funds could be transferred. At this point, the sisters realised they had been conned.

Pratibha immediately lodged a complaint with the South Region Cyber Police. Based on her complaint, the police registered a case under charges of conspiracy, cheating, and relevant sections of the IT Act. Technical surveillance led the cyber police to Mohit Bhojraj, a resident of Bhimnagar in Dahisar.

Further investigation revealed that ₹16 lakh of the total amount was deposited into the bank account of a company named Kalyani Enterprises, owned by Hemant Mali, who is involved in the agriculture and vegetable business. Mohit had allegedly misused this account for the scam.

It has also come to light that the prime accused, Salid Mohammad Shaikh, is a resident of Mangaluru, Karnataka, and is currently wanted in this case. Following these revelations, Mohit Bhojraj was placed under arrest. The investigation is ongoing.