Navi Mumbai Cyber Police have uncovered a sophisticated online trading scam that defrauded two individuals of a cumulative ₹3 crore. Acting on two separate complaints, police arrested two accused—Tushar Salunkhe (31) from Pune and Mukesh Kumar (34) from Mumbai. The duo are part of a larger cybercriminal network believed to be operating from Rajasthan.
The first case involved a male complainant from Nerul who was lured into a bogus share market trading scheme between April 16 and June 3. Fraudsters, posing as representatives from reputed firms such as Bajaj Financial Securities Limited and UPSTOX, promised high returns on investment. They sent forged documents bearing company logos and made the victim download fake apps named BSFLMAX and UPINSTITON, showing fake profits on screen.
Believing the scheme to be legitimate, the victim transferred ₹2.21 crore to various bank accounts. When he attempted to withdraw his “profits” and was denied, he realized he had been cheated and lodged an FIR under sections of the Bharatiya Nyaya Sanhita (BNS) and IT Act.
Second Victim Duped of ₹78.63 Lakh
A similar complaint was filed by a woman who was duped of ₹78.63 lakh between April 10 and May 18. The modus operandi was nearly identical. Posing as stock brokers, the fraudsters targeted her with the same fake trading platforms and induced large financial transfers, exploiting her trust.
Cyber police acted swiftly, analyzing transaction histories, scrutinizing bank accounts, and tracking the suspects’ mobile tower locations. The arrests followed diligent digital and forensic investigation.
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₹46 Lakh Recovered, Hunt for Mastermind Continues
ACP (Crime) Ajay Landge and Police Inspector Vishal Patil confirmed that ₹46 lakh of the defrauded funds have been frozen across various bank accounts, thanks to timely coordination with financial institutions.
Tushar Salunkhe allegedly provided his personal bank account to receive the investment amount, while Mukesh Kumar acted as the middleman who routed the funds to the primary fraudster’s account. Both men are now in custody, and efforts are underway to trace the kingpin of the operation, believed to be managing the scam from Rajasthan.
Police have urged citizens to verify the legitimacy of trading apps and financial services before making any online investments and to report suspicious activity immediately.