Four people were arrested by Mumbai Police for running online stock market fraud schemes that defrauded investors across the country, officials said. The DB Marg Police busted the racket and arrested the accused from Gujarat for operating fake share market schemes.
According to the police, an investigation was launched after 34 complaints related to stock market fraud were filed across multiple states. The DB Marg Police seized mobile phones, SIM cards, and bank accounts containing the scammed amount of Rs 60.26 lakh collected through fake stock trading schemes. Further investigation into the case is underway.
Also Read | Maharashtra: 5 Accused of Cheating Investors of Rs 3 Crore With Monthly Stock Market Returns in Sangli.
Meanwhile, another case of cyber fraud involving a Rs 7.3 crore investment scam was uncovered in Chembur. A man was arrested for allegedly allowing his address to be used to open a bank account for a shell company, which was used to divert part of the fraudulent money. In this case, the 63-year-old victim, a businessman from South Mumbai, was shown fake profits of ₹31 crore in a virtual wallet.