Maharashtra Cyber Busts Rs 1.30 Crore Share Market Fraud Network
Mumbai, October 23: Maharashtra Cyber has made a significant breakthrough in a Rs 1.30 crore online investment fraud by arresting two people. Officials say over 50 percent of the cheated amount has been frozen, marking a key milestone in the case.
The Maharashtra Cyber department functions as the nodal agency for cybercrime cases across the state. It has been conducting ongoing operations against online financial fraud, investment scams and the laundering of money generated through cyber offences.
The complainant, a 68-year-old man, was drawn into a scheme promising large gains from share market investments. The fraudsters offered high returns and induced him to transfer significant sums into several bank accounts, resulting in a loss of about Rs 1.30 crore. Following a complaint, a case was registered at the nodal cyber police station of Maharashtra Cyber.
The department began a technical and financial inquiry, closely scrutinising banking activity, fund flows and transfers among various accounts. The inquiry revealed that Rs 30 lakh of the defrauded money had reached two accounts operating as first layer beneficiary accounts. The funds were subsequently transferred to other accounts, which helped hide the source of illicit money and facilitated its further movement.
During the action, Maharashtra Cyber arrested Shweta Vikal Gupta, 41, and Yogesh Vivekanand Desai, 46, and started interrogating them. Investigators found that Shweta Gupta is an MBA degree holder, whereas Yogesh Desai is employed as a senior executive with an insurance company.
The two are accused of allowing their bank accounts to function as money mule accounts. These accounts were allegedly used to receive, transfer and layer money obtained through cyber fraud.
Checks on the accused accounts also showed links to nine other cybercrime cases registered in Delhi, Karnataka, Kerala, Puducherry and Tripura. This suggests the accounts may have been involved in several cyber offences across different states.
Through rapid response and financial investigation, Maharashtra Cyber has frozen more than 50 percent of the Rs 1.30 crore stolen from the victim. The frozen funds will be returned to the complainant once the legal process is over. The investigation is ongoing to trace the balance amount and uncover the wider network.
The department has urged the public not to let anyone use their bank accounts in return for commission, financial gain or any other incentive. It has warned that such accounts can be used by cybercriminals as money mule accounts, and holders may face legal proceedings and criminal liability.