Mumbai: Malad Businessman Duped in ₹1.37 Crore Investment Scam; Accused in Custody

The North Region Cyber Police has arrested two individuals for allegedly assisting in the defrauding of a 77-year-old retired businessman from Malad to the tune of ₹1.37 crore under the guise of high returns from share trading. The arrested accused have been identified as Ali Rehman Khan and Ahmed Mushtaq Sakhiani, who are currently in police custody in connection with the fraud case.

According to officials, the duo allegedly provided their bank accounts to cyber fraudsters, through which part of the defrauded amount was routed. Investigation has confirmed that some of the funds from the fraud were deposited directly into their accounts, which were later transferred to the main perpetrators of the scam. The accused received a commission in return for facilitating the transactions.

The victim, a 77-year-old retired businessman residing in Malad, was added to a WhatsApp group in May. The group regularly shared information and updates about stock market trends and investments. Members of the group claimed to be making significant profits through investments and encouraged others to do the same.

Soon, an unknown individual from the group personally contacted the elderly businessman and offered to help him invest in share trading with the promise of 300% returns. The victim was persuaded to click on a link, through which he submitted his name, mobile number, bank details, and other personal information.

From May 5 to June 21, the victim invested approximately ₹1.37 crore in various so-called share trades, believing the promises of high profits. Eventually, he was shown fake profits and tried to withdraw a portion of his earnings. However, he was informed that he would first have to pay 10% of the total amount (around ₹70 lakh) as a processing fee to access his returns.

When the businessman realised he had been duped, he approached the North Region Cyber Police and lodged a formal complaint. Following a preliminary investigation, the police registered a case under relevant sections of the Bhartiya Nyaya Sanhita and IT Act against unknown persons.

Cyber Police officials began tracing the financial transactions linked to the scam. Through technical analysis, they zeroed in on Ali Khan and Ahmed Sakhiani, whose accounts had received portions of the defrauded money. During interrogation, the duo confessed to having opened multiple bank accounts on behalf of the cyber gang and transferring funds to them. In return, they earned a cut from each transaction.

Based on this evidence, the Cyber Police arrested both men. Further investigation is underway to trace the main masterminds behind the cyber fraud network.