In a significant breakthrough, the South Regional Cyber Police Station has arrested an individual accused of cyber fraud amounting to ₹31.50 lakh. The accused allegedly duped a 59-year-old woman residing in the Peddar Road area under the pretext of stock trading. It is suspected that ₹15 lakh from the fraudulent transactions were traced to the accused's bank account. The National Cyber Crime Reporting (NCCR) portal has received 41 complaints against this bank account from across the country.
The complainant, a businesswoman dealing in garments and a resident of South Mumbai’s Peddar Road, along with her sister, encountered an advertisement on social media in July. Upon contacting the number provided in the ad, they were added to a WhatsApp group named 'B9 Marvel Capital', which shared stock trading information. In July, the group lured them with promises of high returns from stock market investments, and the women were asked to deposit funds into several bank accounts.
Following the instructions, the complainant transferred ₹13.50 lakh, and her sister transferred ₹18 lakh, amounting to a total of ₹31.50 lakh. However, when they realized they had been duped, they filed a complaint with the local police. Given the large sum of money involved, the case was transferred to the South Regional Cyber Police Division for further investigation.
Senior Police Inspector Nand Kumar Gopale ordered immediate action and the registration of the case. Consequently, the police filed charges under sections 318(4), 319(2), 336(3), 61(2) of the Bhartiya Nyay Sanhita and sections 66(C) and 66(D) of the Information Technology Act.
During the investigation, police traced the fraudulent transactions to a bank account where the funds were deposited. The investigation led to several residential addresses linked to the bank account holder. The accused, identified as Siddharth Subhashchandra Maheshwari (50), a resident of Gorai in Borivali, was placed under surveillance and subsequently arrested. The accused’s bank account has been used in several cybercrime cases.
An official from the South Cyber Police Station stated that the NCCR portal has received 41 complaints nationwide regarding the accused’s bank account. The arrest is expected to assist in solving other cybercrime cases across the country. Police suspect the involvement of a larger syndicate and are continuing their investigation.