The South Region Cyber Police have arrested a member of a gang involved in duping investors of crores of rupees by luring them with promises of high returns in share and commodity trading. The accused has been identified as 36-year-old Umesh Gangwani, a resident of Ambernath. He is accused of using his firm’s bank account to receive the defrauded amount.
According to the police, the victim is a 78-year-old woman residing on Bhulabhai Desai Road in South Mumbai. The cyber fraudsters allegedly duped her of ₹1.14 crore by promising substantial profits through investments in the stock market, commodities, and gold trading. Upon realising the fraud, the victim approached the police and lodged a complaint. Acting swiftly, the police have frozen ₹40 lakh deposited in the accused’s bank accounts.
Gangwani was produced before the court, which remanded him to police custody till February 26.
Police investigations revealed that the fraud began in June last year when the victim was browsing the internet and came across an online investment advertisement. Based on the advertisement, she searched for the concerned company on the messaging application Telegram, where she found a channel related to investment opportunities.
Subsequently, a person identifying himself as “Amit Somaiya” contacted her from a UK-based number (+44 country code). He assured her of high returns on investments in the stock market and commodity trading. Falling prey to the scheme, the woman transferred ₹1.14 crore in 18 separate transactions to different bank accounts as instructed by the fraudsters.
The fraud came to light on February 11 when the victim attempted to withdraw her invested amount. Instead of returning the funds, the accused demanded payment of ‘tax on profits’. Growing suspicious, the woman discussed the matter with her daughter and realised that she had been cheated. She then registered an FIR at the Cyber Police Station on February 12.
Under the guidance of Senior Inspector Nandkumar Gopale and Inspector Suresh Bhoye, the police team traced and arrested Gangwani during the investigation.
Police officials stated that the accused had floated a bogus firm named “Jhulelal Traders.” An amount of ₹10 lakh transferred by the victim was deposited into the firm’s account and was later diverted to other accounts.
Further investigation is underway, and efforts are on to trace other members of the gang.