In a major crackdown on cyber fraud, Navi Mumbai police have dismantled a fake stock market advisory call centre operating in the Mahape Industrial Area. The operation was carried out on March 12 following a tip-off about suspicious activities at the premises. Police sources revealed that the group lured investors across the country with promises of high returns, defrauding them through the fake call centre. Preliminary investigations indicate that the network siphoned off approximately Rs 1.02 crore.
Raid Details: 22 Workers and Fake Trading Setup Exposed
During the raid, authorities found 22 young men and women working at the facility. They were reportedly communicating with potential investors via WhatsApp messages and phone calls using computers installed at the centre. Officials said the operation was disguised as a legitimate share market research company, and staff allegedly assured investors of profitable opportunities in intraday and equity stock trading.
According to the police, chats and records recovered from the computers and phones clearly showed that investors were persuaded to deposit money with the promise of higher returns. Funds were then routed directly into bank accounts shared by the operators.
Initial findings suggest that the call centre defrauded several victims nationwide. Investigators revealed that the operators used payment links and bank transfer instructions to collect funds. Nearly Rs 1.02 crore was reportedly transferred to the call centre’s main account as well as 18 other linked accounts.
Arrests, Ongoing Probe, and Public Warnings
Police also conducted checks on the associated bank accounts through the National Cyber Crime Reporting Portal. The review indicated that at least five cyber fraud complaints from different states were connected to the same accounts, establishing a clear link between the victims and the fraudulent operation.
Two individuals, identified as Shivam Vinodkumar Dubey and Sujit Masicharan Warimiki, both residents of Thane district, were arrested during the investigation. The authorities have not yet clarified their exact roles within the call centre. A third suspect remains absconding, and efforts are underway to trace and apprehend him.
A case has been registered at the Cyber Police Station under relevant sections of the Indian Penal Code. The investigation is ongoing, with authorities examining digital evidence and financial transactions to map the full structure of the network and identify other involved parties.
Officials emphasised that analysis of the seized computers and phones will help determine the scale of the fraud and the exact modus operandi used to manipulate and siphon investor funds.
Cybersecurity experts noted that such fraudulent call centres are proliferating rapidly, often preying on individuals with the lure of quick profits. Police have urged the public to exercise caution and avoid sharing sensitive banking or investment information in response to unsolicited calls or messages.
The police statement underlined that the raid is intended not only to protect investors but also to send a strong message against such illegal operations. Further investigation will focus on uncovering other members and collaborators within the network and understanding the schemes used to defraud unsuspecting investors.
Authorities also indicated that stricter monitoring and preventive measures will be implemented to curb the recurrence of such scams in the future. The operation highlights the growing importance of cyber vigilance and the need for awareness among the public regarding investment frauds.
