Investigations uncovered that the fraudsters operated through a WhatsApp group named ‘Stock Market Navigation 20’
Representational Pic/File
The Central Cyber division of the Mumbai Crime Branch has arrested a 21-year-old woman from Cheeta Camp in Trombay, identified as Nadiya Shaikh, for her involvement in a stock market cyber fraud case.
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Shaikh has been accused of playing a key role in a multi-crore scam by facilitating fake bank accounts and processing illicit transactions.
The scheme targeted a businessman in the chemical industry who responded to a compelling Facebook advertisement. The advertisement featured a man posing as Professor Sanjay Sharma, allegedly the General Manager at Nordea Bank in Finland, who promised high returns through an exclusive trading app. “He was lured in by the promise of impressive returns and initially saw fabricated profit figures on the app,” stated a cyber cell officer.
According to the FIR, the scam unfolded between April and May, 2024. During this period, the victim transferred approximately R8.05 crore into accounts controlled by the fraudsters. The deception became apparent when the victim was asked to deposit an additional R5.27 crore to withdraw what he believed were his profits.
Investigations into the matter uncovered that the fraudsters operated through a WhatsApp group named ‘Stock Market Navigation 20,’ using it to impersonate representatives of a reputed bank and attract investors.
Digital evidence retrieved from Shaikh’s mobile phone—including conversations about setting up mule bank accounts—has strongly implicated her in the operation.
Shaikh was arrested on February 19 and is now under investigation for her role in providing bank accounts used by the fraudsters, who are believed to be operating from overseas, said police.
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