Mumbai: Real Estate Agent Duped of ₹44 Lakh in Share Trading Scam; One Accused Arrested

The Cyber Police of the North Region has arrested Sarosh R. Momin for allegedly duping a 47-year-old real estate agent of around ₹44 lakh under the pretext of share trading. Investigations revealed that Momin had provided his bank accounts to cyber fraudsters and a portion of the cheated money was deposited in his account.

According to police, the complainant, a real estate agent residing in Malvani, Malad, was at home on 24th April when he came across a share market advertisement by one Bhagyashree Thakkar, a chartered accountant. Soon after, he received a WhatsApp link and was added to a group named The Toros Club 290. The group, with several members, regularly shared stock-related information. Many members posted screenshots of profits, creating a sense of credibility and trust.

Amidst this, the complainant received a call from the group’s admin, Yashasvi Sharma, who introduced Bhagyashree as their company’s representative. Sharma convinced him to invest in shares, promising good returns. Acting on her advice, he filled in personal and banking details through a link provided and gradually invested ₹44 lakh in various shares. Initially, he saw profits, which further boosted his confidence.

However, when he tried to withdraw his returns, Sharma claimed that he had an outstanding loan of ₹11.3 lakh that needed to be cleared before withdrawals could be processed. Despite repeated requests, Sharma refused to transfer his balance, raising the complainant’s suspicion. Realising the fraud, he approached the Cyber Cell and lodged a complaint.

After registering a case under cheating and IT Act provisions, police launched an investigation and zeroed in on Momin, who had been absconding for three months. Probe revealed that Momin’s bank accounts were used to route the cheated funds. He was in touch with cyber fraudsters and had opened accounts at their behest, earning commission in return.

Based on this evidence, police arrested Momin and further investigation is underway to trace the other members of the racket.