Mumbai: Two Arrested for Rs 3.63 Crore Share Market Investment Scam

In a significant crackdown on financial fraud, the South Region Cyber Police of Mumbai have arrested two individuals for allegedly duping a man of over ₹3.63 crore under the pretext of share market investments.

The accused have been identified as Adnan Shamshuddin Khan (27) and Mohammad Tanveer Mohammad Imtiyaz Khan (31). Adnan Khan, who is reportedly involved in the real estate business, resides in the Kashimira area of Thane district. Tanveer Khan, on the other hand, is employed in a private firm.

According to the complaint, on March 21, 2025, the victim was coerced into transferring ₹70 lakh to an IndusInd Bank account. Prior to that, on February 13, 2025, a sum of ₹4.89 lakh was transferred to an Axis Bank account registered in Adnan Khan’s name, which was later withdrawn in cash through a cheque. Adnan was subsequently arrested from the Kashimira area.

Further investigations revealed that on the same day, March 21, 2025, the complainant was forced to transfer ₹19 lakh in four separate transactions to another Axis Bank account registered under the name of CWFS Private Limited. The firm, police said, existed only on paper and had Mohammad Tanveer and Syed Mansoor Munawwar Ali listed as directors. Tanveer Khan was later arrested from the Goregaon area.

A case has been registered against the accused under various sections of the Bhartiya Nyaya Sanhita, including Sections 318(4), 319(2), 336(2), 336(3), 340(2), 61(2), along with Section 66 (c)(d) of the Information Technology Act.

Police officials have indicated that further arrests may follow as the investigation progresses.