Nagpur cyber police have arrested two men from Mumbai in connection with an alleged Rs 2.87-crore online share trading fraud, uncovering an interstate banking network that investigators said may have links to cybercrime operators in Hong Kong and Dubai.
The arrests followed a six-day operation in Mumbai’s Borivali area. Police identified the accused as Bhupendra Mahavir Jain, 32, a Borivali resident, and Yogesh Parasmala Jain, 37, who is from Beawar in Rajasthan. Investigators said the two were traced using internet banking records, mobile phone details and location analysis.
Police seized 26 bank account kits and chequebooks, 11 debit cards, two laptops, 11 mobile phones, 11 company stamps, three digital signature tokens and identity documents belonging to other people. The material is being examined as part of the investigation into the alleged movement of funds and the use of bank accounts linked to several individuals and companies.
The case concerns a Nagpur resident who was allegedly cheated in 33 transactions after being promised high returns through a fake online share trading platform. According to the police account, the victim was first drawn in through a social media advertisement and was later added to another group, where the alleged fraudsters persuaded him to invest further amounts.
Investigators found that one corporate bank account was used to transfer money to 38 accounts through 39 transactions completed within 24 seconds. The pattern, according to police, points to the rapid movement of funds through multiple accounts after the victim’s money entered the network.
The investigation began with the arrest of Kakasaheb Durunde, from Patoda in Beed district, on October 15. Police alleged that Durunde operated current accounts belonging to several private companies and supplied them to cyber-fraud handlers. The subsequent inquiry into banking activity and digital records led investigators to the two men arrested in Mumbai.
Commissioner of Police Vishwas Nangre Patil and senior officers formed a special investigation team under Deputy Commissioner of Police (Cyber) Mahak Swami. The investigation was led by senior police inspectors Satish Ade and Sudhir Borkute.
Police are continuing to search for other members of the alleged gang and for the international handlers whose links are being examined. The investigation will also determine the ownership and role of the seized accounts, devices, company stamps, digital signature tokens and identity documents.
