Mumbai Police Cyber cell finds Dubai links in stock market scam

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The North Cyber Cell has made a significant breakthrough, uncovering a Dubai link in a stock market fraud case. A resident of Dharwad, Karnataka, has been arrested for providing Indian bank accounts to Dubai-based scammers. Officials have discovered that the accused visited Bahrain multiple times and facilitated access to these accounts to Dubai-based handlers. He was reportedly paid Rs 1.20 lakh per account provided.

The accused in the stock market fraud case, wherein a senior citizen was duped of R1.88 crore under the pretext of heavy returns, have been identified as Irfan Ahmed Gannawala, 24, from Dharwad, Karnataka, and his associate Manjunath Olekar, 27. Their arrests mark a significant step forward in the investigation by the North Cyber Cell.

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So far, the Cyber Cell has arrested four people in connection with the case. Earlier, under the guidance of Senior PI Suvarna Shinde, investigating officer Kiren Aher arrested two accused from Gujarat - Saurabh Sanghani, 29, a BSc graduate and chemical dealer from Ankleshwar, and Gunjan Bhaisania, 36, a chemical engineering course dropout involved in the cosmetics business. The two had a business relationship, with Sanghani supplying chemicals to Bhaisania for his cosmetics venture.

Investigations revealed that all the accused are linked. Sanghani first shared the account details with Bhaisania, who then passed them on to Olekar, who, in turn, gave them to Gannawala. Gannawala provided the account to the primary beneficiary operating from Dubai. "In many cases, we have found scammers operating from countries like Dubai.

Gannawala's arrest is a major breakthrough in establishing the chain. We are investigating his connections in Dubai, and if necessary, will communicate with the authorities concerned through official channels," an officer stated.

Officials also disclosed that while the first three accused received Rs 20,000-Rs 25,000 for facilitating the accounts, Gannawala was paid Rs 1.20 lakh by the Dubai-based scammers. "We found that he provided details of multiple accounts to the scammers, one of which was used in this case," an officer added.

Gannawala, a resident of Dharwad, where his family runs a vegetable business, had been involved in the trade until 2023. However, he became connected with the scammers and made several trips to Bahrain to provide details of Indian bank accounts to the handlers there.

The cyber cell reports that a total of Rs 66.77 lakh has been deposited into the account used in the case from fraudulent activities and later transferred to some other account by the person having control of the account. Officials further revealed that 33 complaints related to cyber fraud have been registered against this account across India.

"We have been working on the case for 2-3 months, and after a detailed technical analysis, arrests have been made. More links are being established to apprehend others involved in the scam," said DCP (crime) Datta Nalawade.

The case

According to officials, a 71-year-old retired professor was duped under the pretext of investing in the stock market between March and April. In his statement to the police, the complainant said he was added to a WhatsApp group called ‘ICICI Securities VIP' by an unknown person who identified himself as Rajiv Ambani, the CIO, and his assistant Laxmi. They would regularly give stock market investment tips in the group.

The complainant mentioned that, upon joining the group, many people were sharing screenshots of the significant profits they claimed to have made using the tips provided. The complainant alleged that Rajiv then contacted him directly, claiming that he had resigned from ICICI Securities and was now running his own investment business.

The senior citizen fell for these claims and began investing through a fraudulent Demat account called ‘EICICRE', which the cybercriminals claimed was an institutional investment platform promising a 30 per cent profit. The senior citizen downloaded the app and invested Rs 1.88 crore. The app showed a balance of Rs 20.5 crore, but he was unable to withdraw the funds. It was only later that he realised he had been scammed.