The Cyber Cell of the North Region has arrested a 25-year-old man linked to a cybercrime gang for allegedly cheating a city resident of ₹19 lakh by posing as an employee of a reputed private bank. The accused created a fake WhatsApp group and a bogus share trading app to lure victims with promises of high investment returns.
The arrested accused has been identified as Ritwik Jadhav (25). Police seized three mobile phones, three SIM cards, four debit cards, five cheque books, three passbooks, two PAN cards, a contract agreement, and four registers from his possession.
According to police, the complainant, a resident of North Mumbai working with a private firm, was added to a WhatsApp group in March 2025 that appeared to be run by a reputed private bank. The group regularly shared stock market tips and claimed to offer expert advice on profitable share investments.
Tempted by the promise of high returns, the complainant was persuaded to invest through a share trading app sent by the group’s administrator. Between March and April 2025, he invested ₹19,56,240 through his bank account using the fake trading application.
Initially, the app showed fake profits to gain his confidence. However, when he attempted to withdraw the money, the transfer failed. His queries went unanswered, and he was instead pressured to invest additional funds. When he refused, the fraudsters stopped responding altogether.
Investigation and arrest
Following the complaint, the North Region Cyber Cell initiated an investigation and discovered that the WhatsApp group and trading app were entirely fake. The funds had been transferred into several bank accounts linked to different individuals.
One such account was traced to Ritwik Jadhav, who was subsequently detained for questioning. During interrogation, Jadhav admitted that he had opened multiple bank accounts for cybercriminals in exchange for commission payments.
Police said these accounts were used to channel large sums from various online frauds across India, and all related bank accounts have now been frozen.
After the funds were received in the beneficiary accounts, the money was transferred through several layers — to secondary accounts, then further routed to other bank accounts and mobile wallets to conceal the trail.
Police have seized a range of documents, including debit cards, cheque books, PAN cards, agreements, and notebooks linked to the fraudulent operation.
An official said, “The accused acted as a facilitator for a larger cyber fraud network. Further investigation is underway to trace other members involved in the scam.”