The North Region Cyber Police of Mumbai Police has arrested two individuals in connection with a cyber fraud case where a woman was cheated of approximately ₹36.56 lakh under the pretext of high returns through share trading. The accused have been identified as Pankaj Prabhakar Lohar and Dharmesh Dhirajlal Chawda. Following their arrest, the court has remanded both into police custody.
Initial investigations have revealed that the duo was in touch with cyber fraudsters and had provided multiple bank accounts to facilitate the fraud. These accounts were used to siphon off the victim’s money under the guise of investment.
The complainant, a resident of Goregaon, is the wife of a private company employee and has been actively investing in the share market for the past year through her demat account. Being knowledgeable about stock trading, she regularly followed stock market updates on social media. In December last year, she came across an advertisement related to share trading on social media. On clicking the link, she was added to a WhatsApp group where stock trading discussions and daily tips were being shared. The group had several members, many of whom appeared to have earned significant returns, creating a sense of credibility.
Soon after, the group admin contacted her directly, claiming that their company was registered with SEBI and promised guaranteed returns on investments made through them. Upon checking, she found the company’s SEBI registration to be seemingly valid. Convinced, she agreed to invest via the company. She was then instructed to download a mobile application and upload her personal details. Subsequently, she was assigned an account through which she invested a total of ₹36,56,118 in various shares.
After a while, the app showed a profit in her account — a whopping ₹2.82 crore. Encouraged by this, she tried to withdraw a portion of the profits to her bank account. However, only ₹5,000 was credited, and all further withdrawal attempts failed. When she contacted the group admin for clarification, she received no response.
Realizing she had been duped, the woman lodged a complaint on the Cyber Crime Reporting Portal as well as with the North Region Cyber Police. A case was registered under relevant sections of the IPC and the IT Act against four unidentified cyber fraudsters.
During the investigation, police zeroed in on Pankaj Lohar and Dharmesh Chawda, who were found to be involved in facilitating the scam. Interrogation revealed that they had opened bank accounts specifically for this purpose and had transferred the scammed money to the main cyber fraudsters.
The police are currently tracking the main culprits and probing whether more people are linked to this racket. Further investigation is underway.