Mumbai Stock Market Scam: Trio Arrested for Misusing Retired Navy Officer’s Identity

The North Region Cyber Police has arrested three individuals in connection with a Rs 68.92 lakh share trading fraud, following a complaint by a victim who was lured through fake guidance related to the stock market on Facebook.

According to the police, a 37-year-old complainant came across a link on Facebook promising stock market trading tips. On clicking the link, he was added to an unknown WhatsApp group. Trusting the so-called guidance and instructions of the group’s admin, the victim ended up transferring Rs 68,92,015 to multiple bank accounts. Realising later that he had been duped, the victim approached the cyber police.

During investigation, it was found that one of the bank accounts used in the second phase of the fraud was fraudulently opened in the name of a 77-year-old retired Navy officer. The account had received a transfer of Rs 2.10 lakh. Probe further revealed that the first accused had created a fake email ID, acquired a SIM card in the name of a watchman, and linked it to the said bank account. The account kit was then handed over to the second and third accused, who in turn passed it on to other suspects identified as ‘Viral’ and ‘Avi’ in exchange for commission.

Interestingly, this same bank account has already been flagged in at least 90 complaints on the NCCR (National Cyber Crime Reporting) portal, indicating the scale and seriousness of the fraud racket.

The arrested accused have been identified as Sachin Sawant (48), a resident of Borivali; Umesh Vishwakarma (32), from Jogeshwari; and Vibham Mishra (31), a resident of Thakur Village in Kandivali.

The Cyber Police have registered a case under Sections 319(2), 318(4), 336(2), 336(3), 338, 340(2), and 61(2) of the Bhartiya Nyaya Sanhita, along with Sections 66(C) and 66(D) of the IT Act. The investigation is ongoing and efforts are underway to trace other absconding accused.