Mumbai: Senior Citizen Duped of Over Rs 60 Lakh in Share Market Fraud; Four Arrested from Gujarat

In a major breakthrough, the Cyber Cell of DB Marg Police has busted a cyber fraud racket that duped a 74-year-old retired ONGC employee of ₹60.26 lakh under the pretext of investing in the share market. Following a detailed investigation, the police arrested four accused from different locations in Gujarat, all of whom were part of the syndicate that orchestrated the scam.

According to officials, the victim had started investing in the stock market through a trading app in April 2024. On April 29, he was contacted via WhatsApp by unidentified individuals who promised high returns through attractive investment schemes. The accused shared a link with the victim, prompting him to transfer large sums of money. Believing the scheme to be genuine, the senior citizen transferred more than ₹60 lakh in multiple instalments to various bank accounts provided by the fraudsters.

However, after making the transactions, the victim received no further communication or returns on his supposed investments. Realising that he had been duped, he approached the DB Marg Police Station and lodged a formal complaint. The investigation revealed that ₹18.24 lakh from the defrauded amount had already been transferred to other bank accounts. Based on the transaction trail and technical evidence, the cyber team tracked down and arrested four suspects from Surat and Gir Somnath districts in Gujarat.

The arrested accused have been identified as Javedbhai Mohammadbhai Sumara (40), a resident of Kajli village in Veraval taluka, Gir Somnath district; Jignesh Mohanbhai Kalsariya (27), a resident of Sanosari village in Girgadhada taluka, Gir Somnath district; Mahadev Jasubhai Gedhiya (30), from Shantivihar Society in Parvat Patiya, Surat city; and Ravi Ramjibhai Aaghiya (36), residing in Shivdarshan Society, Katargam, Surat city.

The accused were produced in court and have been remanded to police custody till July 17, 2025. During the arrests, officials seized four mobile phones, seven SIM cards, and details of twelve bank accounts allegedly used in the fraud.

A case has been registered under Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS), and Sections 66(C) and 66(D) of the Information Technology Act. The police have confirmed that further investigations are ongoing to trace additional members of the gang and to recover the remaining defrauded amount.