Navi Mumbai Cyber Police Uncover ₹2.99 Crore Online Trading Scam; Two Arrested Associated with a Rajasthan Syndicate

Navi Mumbai: The Navi Mumbai Cyber Police have recently uncovered two significant online investment scams amounting to ₹2.99 crore. Two accused linked to a cybercrime network based in Rajasthan were detained for their role in these scams.

According to officers, the perpetrators had posed as representatives of credible financial institutions and had engaged with victims under the pretense of providing substantial returns on investments by trading online. They had provided fraudulent documents bearing the names and logos of known companies to bolster their assertions.

Case 1: ₹2.20 Crore Scammed Using Fake Trading Apps

In the first filed case, the accused had called the complainant between April 16 and June 3, identifying themselves as representatives of Bajaj Financial Securities Limited and UPSTOX. They had sent the victim false documents with branding on it and had persuaded the complainant to invest money in trading shares online.

The accused directed the complainant to download mobile applications titled BFSLMAX and UPINSTITON, which were designed and manipulated to show phony profits for the shares. The complainant genuinely believed the profits to be real and transferred funds to the accused in multiple bank account transactions, totalling ₹2.20 crore.

Enhanced Techniques Used to Trick Investors

The scammers