Navi Mumbai Cyber Police Crack ₹2.99 Crore Online Trading Scam, Arrest Two Linked to Rajasthan Syndicate
The accused approached the complainant from April 16 to June 3, posing as officials of Bajaj Financial Securities Limited and UPSTOX in the first registered case.
Navi Mumbai Cyber Police Bust ₹2.99 Crore Online Investment Scam, Two Arrested
Navi Mumbai, May 23:
The Navi Mumbai Cyber Police have uncovered two major online investment scams worth ₹2.99 crore and arrested two individuals linked to a fraud group based in Rajasthan, officials said. The accused pretended to be representatives of well-known financial firms, tricking victims with fake documents and fraudulent online trading platforms.
In the first case, which took place between April 16 and June 3, the accused contacted a complainant claiming to represent Bajaj Financial Securities Limited and UPSTOX. They shared forged documents with the companies’ names and logos, promising high returns from online share trading investments.
The victims saw fake profits on apps named BFSLMAX and UPINSTITON, which led them to transfer money into various bank accounts controlled by the fraudsters. This operation alone caused a loss of ₹2.20 crore.
Authorities stated that the arrests are a significant step forward in the investigation of high-value online trading scams. Investigators are looking for more victims and other members of the fraud group.
The police have warned citizens to check the authenticity of investment offers and to avoid sending money to unknown accounts, especially when offered unusually high returns.
