The Maharashtra Cyber police have busted a multi-state cyber fraud ring, arresting three individuals linked to a scam that has defrauded victims across India of over Rs 6 crore in a stock market investment fraud. The police have identified the accused as Abdul Wahab, Rohit Jathar, and Piyush Kumawat, who operated from Kolhapur and Rajasthan.

Recently, they had duped a south Mumbai businessman, siphoning off Rs 46 lakh by luring him into a fraudulent stock market investment scheme, said the police. The cyber police said that they launched a probe following a complaint from a 62-year-old retired chief engineer from Punjab.