Mumbai: Stock Market Fraud - Four Arrested

Mumbai Police have arrested four people from Gujarat for running a fake stock market scheme that scammed people across India.

• The scam: The group created fake stock trading schemes online to trick investors and collect money.
• The operation: Police started investigating after getting 34 complaints from different states about stock market fraud.
• Seizure: Authorities captured mobile phones, SIM cards, and bank accounts with ₹60.26 lakh—the amount collected through the fraud.
• Further cases: In another incident, a man from Chembur was arrested for letting his address be used to open a bank account for a fake company. This company helped divert money from a ₹7.3 crore investment scam. One victim, a businessman from South Mumbai, was shown fake profits of ₹31 crore in a virtual wallet.

Mumbai Police are still investigating these fraud cases and warn people to be careful of such online investment offers.

How did the police catch the four men involved in the stock scam from Gujarat?

How Mumbai Police Caught the Four Men in the Stock Scam

Here’s how the police tracked and arrested the four accused from Gujarat:

• Complaint Tracking: Police traced digital footprints and collected information from all the complaints, focusing on patterns in the scam.
• Bank Account Analysis: Investigators followed the money trail by analyzing bank accounts where the cheated funds (₹60.26 lakh) had been transferred. This helped them identify specific accounts used by the fraudsters.
• Technology and Surveillance: The police used surveillance methods to track mobile phones and SIM cards linked to the suspects.
• Raids in Gujarat: After gathering enough evidence, the DB Marg Police team conducted raids in Gujarat. They arrested the four men directly connected to the scam and seized mobile phones, SIM cards, and bank account details involved in the fraudulent activities.

The case remains under further investigation as authorities examine additional leads and warn citizens to be cautious of similar online scams.