Man held for assisting in cyber fraud targeting elderly share investor in Mumbai

Representational Pic/File

The Vanrai police in Mumbai arrested an accused who was allegedly assisting in a cyber fraud that targeted an elderly man through a share trading scam, an official said.

The accused had provided his bank account to the cyber fraudsters for the transaction of a fraudulent amount, he said.

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The complainant, a retired resident of Goregaon, had made substantial investments in shares. In June, he was added to a WhatsApp group that regularly shared information about the stock market, seemingly originating from Delhi. A few days later, the group admin instructed him to download specific software. Trusting the admin, the complainant complied and was later encouraged to buy shares worth Rs 9 lakh, the police said.

Shortly after the purchase, the admin falsely claimed that 27,500 shares had been allotted in the complainant's name and demanded an additional Rs 41 lakh. The admin threatened that if the money was not paid, the complainant's account would be closed. Sensing something was wrong, the complainant approached the company directly, only to find out that the group admin had no affiliation with them, an official said.

Realising he had been scammed, the complainant reported the fraud to Vanrai police, who immediately registered a case. During the investigation, police traced part of the fraudulent amount to Roshan Kule's bank account. It was revealed that Kule had provided his account for cyber criminals to use in exchange for a commission.

He has been arrested, and police are now searching for his accomplices, the official added.