Mumbai's South Region Cyber Police have arrested three men from Nagpur in an alleged share-trading investment fraud, saying a money trail from a Mumbai complaint led them to a shell company whose bank account was allegedly used to route the proceeds. The arrests were carried out on November 2 in Nagpur's Jaripatka area, and Mumbai Police publicised the operation on November 5.

Source: The 420

The three arrested men were identified by police as Amit Diliprao Kale, Ritik Shailesh Dhargave and Aniruddha Satish Uke. Police allege the trio floated a bogus private limited company, Grain Garden Delight Pvt Ltd, using fabricated documents and a forged rental agreement, and opened a current account in its name at the Central Bank of India's Jaripatka branch in Nagpur. Dhargave was named as a director of the company. All of these are police allegations at this stage; the case is under investigation and no court has ruled on them.

Source: Police Vartha

Investigators said the probe began with a Mumbai complaint of an online share-trading fraud involving Rs 58.72 lakh, in which victims were allegedly lured with promises of high stock-market returns. Tracing the money, officers found Rs 24.75 lakh had reached the Grain Garden Delight account in Nagpur. Data from the National Cyber Crime Reporting Portal and technical surveillance then led a police team to Jaripatka, where Dhargave was picked up first; questioning led officers to Kale and Uke, who police allege procured the forged rental agreement and documents used to set up the company and run its banking.

SIM cards, stamps and cheque books seized

Police said a search yielded 25 SIM cards, 11 cheque books and passbooks linked to various accounts, 11 rubber stamps made in the names of multiple shell companies, three stamp pads, ATM and debit cards, PAN cards, QR code sheets and company paperwork for several allegedly fictitious entities. Investigators also said Kale allegedly operated a phone fitted with a SIM registered in Dhargave's name and linked to the company account, used to verify transfers and communicate with alleged outside associates.

An analysis of the seized devices and banking records allegedly linked the three men to 73 cybercrime complaints registered across India, including six cases in Mumbai. The South Region Cyber Police Station has booked the accused under Bharatiya Nyaya Sanhita Sections 318(4), 319(2), 338, 61(2) and 340, and Sections 66C and 66D of the Information Technology Act, covering alleged cheating, forgery, criminal conspiracy, impersonation and identity-related digital offences. Police said the wider money trail is still being traced to establish whether the men allegedly cheated investors directly or mainly provided laundering channels to other cyber syndicates, and to identify further beneficiary accounts and associates.

Source: MyFinBright (with Mumbai Police statement)