Mumbai Man arrested in connection with alleged involvement in an investment scam

The Cyber Crime Unit of Hyderabad Police arrested a 22yearold man from Navi Mumbai for his alleged involvement in a highvalue online investment fraud on Monday The fraud cost a Hyderabad resident over Rs243 croreThe accused identified as Rashmit Rajendra Patil a private employee residing in Navi Mumbai played a key role in the scam He is said to be the account supplier He was apprehended by a special police team assisted by other officers from the Cyber Crime wingAccording to the press release the victim a 56yearold man from Hyderabad was referred to the SAMCO Securities and IIFL applications through social media He downloaded and logged in to these applications to invest the money for earning purposes Initially these investments appeared to yield steady returns with the profits reflected in a virtual wallet within the app The fraudsters claimed that the accumulated profits could be withdrawn into his personal bank account within one to three days after deducting a six per cent taxBelieving them to be genuine he deposited multiple amounts Convinced by the ongoing profit displays and smooth transactions the victim continued transferring money to different bank accounts listed in the application Eventually he deposited a total of Rs243 crore across multiple transactions However once the amount reached this substantial figure the scammers abruptly blocked his access to withdrawals and ceased all communicationFollowing the victims complaint a case was registered under Crime Number 3482025 invoking relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita BNS Following a thorough investigation the police identified Patils involvement and successfully arrested him in MaharashtraThe investigation also revealed the method used by the fraudsters They targeted victims through platforms such as WhatsApp Telegram and other social media apps offering fraudulent stock trading schemes with promises of unusually high returns By initially allowing small withdrawals and displaying fake profits within the app they built credibility before persuading victims to invest larger amounts Once the funds were in their control they cut off contact and denied access to the moneyDuring the arrest police seized a mobile phone from the accused which is now being analysed for further evidence The Cyber Crime Unit stated that more individuals may be involved in the broader network behind this scheme and that further arrests are likely as the investigation progressesThe Hyderabad Cyber Crime Police urged the public to remain cautious of online investment offers that seem too good to be true They warned against trusting unknown individuals on social media who promote trading apps or platforms especially those not registered with official regulatory bodies such as the Securities and Exchange Board of India SEBI Officials stressed the importance of verifying the authenticity of financial services before sharing personal or banking informationThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoeveratOptionskeyd0ddb8ef8f1a62a8cdd22fac27fc5ea7formatiframeheight90width728params