Beware of Fake Traders: Pune DCP’s Warning After Major Share Market Fraud Bursts: The Cyber Cell of Pimpri Chinchwad Police in Pune successfully dismantled a major share market fraud that targeted unsuspecting individuals, resulting in losses totaling several lakhs. Following complaints from residents of Pimpri Chinchwad city, the police launched an investigation, leading to the arrest of five individuals involved in the scam.
The arrested suspects were identified as Juned Mukhtar Qureshi, Salman Mansur Shaikh, Abdul Aziz Ansari, Arif Anwar Khan, and Taufik Gaffar Shaikh.
According to DCP Sandeep Doiphode from the Crime Branch, the investigation was initiated following complaints from residents of Pimpri Chinchwad city who collectively lost Rs. 31 lakh to the fraudsters. Utilizing advanced technical analysis, the police identified and apprehended the suspects linked to the fake share trading application.
During the operation, the police recovered Rs. 7 lakh in cash, 7 mobile phones, a cash counting machine, 8 debit cards from various banks, and 12 cheque books from different banks.
DCP Doiphode revealed that the investigation uncovered how the accused defrauded numerous people of crores of rupees through approximately 120 bank accounts. Additionally, they had connections overseas, receiving money from individuals offshore, converting it into cryptocurrencies, and diverting it to handlers in Hong Kong.
Further investigation revealed that the accused, who were unemployed, targeted individuals interested in share trading. They would add these individuals to a WhatsApp group, enticing them to invest for promising returns. However, after a certain period, the suspects ceased communication with depositors.
DCP Doiphode emphasized the importance of making investments only through reputable and authentic share trading companies, cautioning against falling for false promises from unauthenticated traders.
The successful operation by the Pune Cyber Cell highlights law enforcement’s commitment to combating financial fraud and protecting citizens from fraudulent schemes.
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