Major Cyber Fraud Bust in Maharashtra: Two Arrested in ₹1.3 Crore Investment Scam

Mumbai, October 23 (Daily Kiran) : The Maharashtra Cyber Department has made significant strides in tackling online financial fraud by arresting two individuals in connection with a ₹1.3 crore investment scam. This operation, which took place in Mumbai, has successfully frozen more than half of the defrauded amount.

The Cyber Department, the state’s primary agency for cybercrime, has been actively working to combat online financial fraud, investment scams, and the illicit transactions of funds acquired through cybercrime.

The case involves a 68-year-old victim who was lured into the scam with promises of substantial profits from stock market investments. The fraudsters persuaded him to transfer large sums of money into various bank accounts, claiming high returns. Following the victim’s complaint, a case was registered at the Maharashtra Cyber’s nodal cyber police station.

In response, the department launched a technical and financial investigation. This included a detailed analysis of banking transactions, money flows, and the transfer of funds across different accounts. The investigation revealed that ₹30 lakh had been funneled into two accounts, identified as first-layer beneficiary accounts, which were then used to redirect the funds, aiding in concealing and further transferring the illicit money.

The arrested individuals, Shweta Vikal Gupta, 41, and Yogesh Vivekanand Desai, 46, were interrogated following their apprehension. Gupta holds an MBA degree, while Desai works as a senior executive at an insurance company. They allegedly allowed their bank accounts to be used as money mule accounts, facilitating the receipt, transfer, and layering of funds obtained through cyber fraud.

Further scrutiny of their bank accounts revealed connections to nine other cybercrime cases registered across Delhi, Karnataka, Kerala, Puducherry, and Tripura. This suggests that these accounts may have been involved in various cyber crimes throughout the country.

The Maharashtra Cyber Department reported that through swift action and financial investigation, they managed to freeze over 50% of the ₹1.3 crore defrauded amount. This frozen sum will be returned to the victim once legal proceedings are completed. The agency continues to investigate to trace the remaining funds and uncover the entire network involved.

Officials are urging the public to refrain from allowing anyone to use their bank accounts in exchange for commissions, financial benefits, or other temptations. They warned that such accounts could be exploited by cybercriminals as money mule accounts, potentially exposing account holders to legal actions and criminal liabilities.