Goa Police have arrested two men from Pune in connection with an online investment fraud in which a 60-year-old resident of Porvorim was allegedly cheated of more than ₹39 lakh. Investigators have recovered ₹23 lakh of the defrauded amount after tracing financial transactions linked to the accused.
Two Suspects Arrested From Pune
A team headed by Police Sub-Inspector Anil Polekar arrested Sagar Prakash Dholvi on Friday, followed by Ajinkya Ravindra Abhang on Saturday.
Cyber Crime Superintendent of Police Jivba Dalvi said the accused were allegedly involved in a sophisticated fake online share investment scheme.
The arrests followed an investigation into a complaint registered on October 3 by the elderly victim.
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WhatsApp Investment Group Used to Target Victim
According to the complaint, the fraudsters contacted the victim through different WhatsApp numbers between August 21 and September 28.
They persuaded him to join an investment group named ‘A83 DI Wealth Growth Centre’, where he was offered attractive returns through online share investments.
Believing the promises, the complainant transferred more than ₹39 lakh into multiple bank accounts provided by the accused.
Fake Profits Displayed on Investment Application
Police said the fraudsters displayed fictitious profits on a fraudulent investment application to convince the victim that his investments were generating substantial returns. However, when he attempted to withdraw his invested money and the supposed profits, the accused demanded additional investments.
They subsequently stopped responding to his communications, leaving him unable to recover the money.
Financial Investigation Leads to Recovery
During the investigation, the cybercrime team examined financial transaction records and traced payments linked to the suspected fraud.
Investigators established that ₹10.8 lakh had been transferred into an account belonging to Abhang, while ₹12 lakh had reached an account belonging to Dholvi.
Police subsequently traced both suspects to Pune and arrested them in Maharashtra. The investigation resulted in the recovery of ₹23 lakh from the defrauded amount.
Police Warn Against Fraudulent Trading Schemes
SP Dalvi advised citizens to exercise caution when encountering investment opportunities promoted through WhatsApp, Telegram, Facebook and other social media platforms.
Police cautioned against investment groups promising guaranteed returns, fake trading applications displaying artificial profits and demands for additional payments before withdrawals.
Goa Police have also directed banks to temporarily pause suspicious transfers initiated by senior citizens to unfamiliar accounts and verify their purpose.
The420 Insight: Fake Returns Conceal Financial Fraud
The case highlights how fraudulent investment platforms can display fabricated profits to persuade victims to transfer additional money. The demand for further investment when the victim sought withdrawal was a significant warning sign.
Police have advised investors to verify trading platforms through official SEBI and stock exchange channels and report suspected financial fraud through the national cybercrime helpline, 1930, or cybercrime.gov.in.
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