Mumbai: Two Cousins Arrested for ₹89 Lakh Share Trading Fraud Targeting Retired Officer

Mumbai Police’s North Region Cyber Cell has arrested two cousins from Nashik for allegedly duping a retired officer of nearly ₹89 lakh by luring him with promises of high returns on share trading investments.

The accused have been identified as Yogeshwar Jagannath Kuthe and Rishikesh Bhagwat Kuthe, both residents of Pimpalgaon in Niphad, Nashik. Police investigations revealed that the duo provided their bank accounts to cyber fraudsters, with around ₹51 lakh from the cheated amount routed through their accounts.

The 54-year-old complainant, a resident of Film City Road in Goregaon, had lost his job and had been staying at home since January 2026. During this period, he came across a social media advertisement related to share trading investments.

After clicking on the advertisement, he was added to a WhatsApp group with over 100–150 members. The group regularly shared information about stock investments and promised substantial profits on selected shares.

Influenced by discussions and claims of high returns by certain members, the victim began investing money. Between February 10 and March 6, 2026, he invested around ₹89 lakh in various shares through the platform.

Initially, the victim was shown profits on his investments. However, when he attempted to withdraw money, he was told that all accounts had been frozen due to an alleged inquiry by SEBI. The fraudsters reassured him that his funds were safe and that all transactions were legal.

Despite repeated follow-ups, the victim did not receive his money. Instead, he was pressured to deposit an additional 20% amount to “reactivate” his trading account. Unable to arrange further funds, he refused and eventually realized he had been cheated.

Following his complaint, the North Cyber Cell registered a case under cheating and relevant IT Act sections and launched an investigation.

Probe revealed that a significant portion of the defrauded money had been transferred to a bank account in Nashik. A police team was immediately dispatched, which detained the two accused from Pimpalgaon in Niphad.

Further investigation showed that Yogeshwar Kuthe held a current account in a reputed Nashik bank, the details of which were shared by Rishikesh with cyber fraudsters. After receiving approximately ₹51 lakh in this account, the money was transferred to the fraudsters. The accused allegedly earned hefty commissions for facilitating these transactions.

The accused were brought to Mumbai for further questioning and produced before a court. After two days of police custody, they have now been remanded to 14 days of judicial custody.

Police are continuing investigations to trace the main cyber fraud network involved in the scam.