Pune: Co-operative bank director, hawala racketeer among 6 arrested for duping senior citizen of Rs 1.6 crore in online share trading scam

A senior citizen from Pune lodged an FIR in the case at the cyber police station. According to police, over a month ago, an online fraudster identifying herself as “Ananya Gupta” contacted the complainant over WhatsApp for investing money in an online share trading scheme, assuring lucrative returns.

The fraudsters then added the complainant into several WhatsApp groups like “(G5) UP stox value-added technical information sharing, Rajat Parmar Growth Visionary Blinkx PEI, (132) Star Alliance.”

Hoping to earn big profits, the complainant kept following the instructions given by the fraudsters and transferred Rs 1.6 crores to different bank accounts time-to-time through multiple online transactions. Later, the complainant learnt that no profit was made and even money “invested” was lost to cyber criminals.

A team led by DCP (cyber and EOW) Vivek Masal and ACP Machhindra Khade launched a probe and initially zeroed down the bank accounts, in which the complainant had transferred his money. Police noticed Rs 5.82 lakhs was withdrawn by cheque from an account in IDFC Bank in Wagholi, in which some of the complainant’s money was transferred, during the online share trading fraud.

Police nabbed the bank account holder Ketan Bhivare on March 26. Probe revealed that Ketan and his relative Satav created several bank accounts in their name as well as in the name of their friends. Police suspect these were being used as “mule accounts” for receiving money transferred by the victims of online fraud.

While search was on for Satav, police also probed the mobile phone numbers used by the fraudsters in this case. It led the police to Govind Suryawanshi and Rohit Kamboj, both B.Tech degree holders.

According to police, Suryawanshi is director of the Vighneshwar Multi-state Cooperative Bank in Wagholi. A native of Punjab, Kamboj works in the technical department of the bank. Police identified at least three multiple digital marketing firms started by the duo, who had plans to form over 100 companies in the next 10 years.

Police said the duo tried to mislead the investigation. But a probe revealed that they played a role in transferring the complainant’s money from mule accounts to other bank accounts, then withdrawing it by cheques and sending it to their contacts within the city and other states by hawala transactions through the accused Babarao Bhavar. Police then arrested Bhavar in this case.

Investigation revealed that Suryawanshi and Kamboj are also into cryptocurrency trading. They allegedly gave USDT (a popular crypto currency) to a businessman Jabbarsingh Purohit. And in return, Purohit transferred some of the complainant’s money into the bank account of accused Bhivare. Police arrested Purohit while Bhivare’s aide Satav was arrested on April 5.

Senior police inspector Swapnali Shinde said they suspect Purohit is the mastermind in the case. He is into a business related to mobile phones. He was closely working with Suryawanshi, Kamboj and was also aware of the mule account in which the complainant’s money was transferred.

“Probe also revealed that the accused in this case have links in Dubai, Gujarat and West Bengal. Some sim cards used for the crime have been procured from West Bengal while hawala transactions have been traced to Bhuj in Gujrat. Crypto accounts of the accused persons are frozen and further investigation is on,” said Shinde.

Police are probing whether Suryawanshi and Kamboj have used any bank accounts in the Vighneshwar Multistate Cooperative Bank for cyber crimes.

According to police, about 150 bank accounts were used by the accused persons for the online fraud. Police found about 29 offences against the accused on the national cyber portal. Police said the arrest of six persons has led to the detection of these 29 offences registered in different parts of the country.

How the online share trading scam happens

Police said cybercriminals fish for potential targets through social media posts or phone messenger texts.

Those who respond are added to online groups where they are offered online lessons and are asked to log in to certain share trading applications designed by cybercriminals.

“These applications have intriguing and technical-sounding names to make them seem authentic and fraudsters also misuse many big names in the wealth management sector claiming affiliations. As victims start sending money to fraudulent accounts, the fake apps start deceitfully displaying unrealistically high returns, luring victims into further investing substantial amounts. The fraudulent apps often mimic legitimate trading platforms, creating a false sense of security even reflecting ups and downs in the market. When victims try to withdraw their earnings, the fraudsters vanish,” said a senior police officer.