Navi Mumbai: Two Arrested in Rs 4.71 Crore Cyber Fraud Involving Fake IPO, Trading Schemes

Navi Mumbai: The Crime Branch of Navi Mumbai Police arrested two individuals and claimed to have solved a high-stakes cyber fraud involving fake investment schemes for allegedly duping a complainant of ₹4.71 crore. Posing as experts in IPO and index trading, the accused promised high returns on investments and manipulated the victim into transferring large sums of money across various bank accounts between November 30, 2024, and March 5, 2025.

The case, registered under IPC Sections 319(2), 318(4), 3(5), and Section 66(D) of the IT Act, prompted a swift investigation by the cyber crime unit. Using advanced technical tracking, a police team led by Senior Inspector Gajanan Kadam and PSI Rohit Bandgar traced the money trail and digital activity, leading to the arrest of Vikas Prakash Gawhane, 27, a real estate agent from Karanjade, and Manoj Vishnu Kalapad, 22, a BA student from Malegaon, Washim district.

Both suspects were taken into custody on June 7, 2025, and have been remanded to four days of police custody. During interrogation, it was revealed that the accused were involved in at least 10 similar cyber fraud cases across Maharashtra and other states. The investigation is ongoing, with Cyber Police actively working to identify additional members of the fraud network.

Officials have urged citizens to remain vigilant against online financial scams, especially those offering unrealistic investment returns.