Pune, August 27: Two former prison inmates have been arrested in connection with an alleged ₹86 lakh investment fraud in Pune, Maharashtra. The accused have been identified as Tejas Dnyanoba Lokhande, 24, a resident of Markalgaon, and Avinash Dnyanoba Baklikar, 28, from Latur district.
According to police, the two met at Yerawada Central Jail and allegedly became active in a cybercrime network after being released on bail.
Pune Cyber Police Probe ₹86 Lakh Investment Scam
The case came to light in July after a retired senior citizen was allegedly cheated of ₹86 lakh in the name of investment.
A case was subsequently registered at the Pimpri-Chinchwad Cyber Police Station under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act.
During the investigation, authorities traced a ₹5 lakh transaction made on July 14 to a bank account allegedly used by the fraud network.
Technical and financial analysis led investigators to Lokhande. The account that received the money was allegedly registered in his name.
₹5 Lakh Transaction Helps Police Trace Accused
Following the transaction trail, a team from the cyber and economic offences units traced and arrested Lokhande.
Investigators are now examining the account and other financial records to determine how the ₹86 lakh allegedly taken from the victim moved through the network.
The transaction trail is also being analysed to identify other accounts and individuals who may have been involved.
Two Accused Allegedly Met at Yerawada Jail
During questioning, investigators found that Lokhande had previously been arrested in a kidnapping and extortion case registered at Hinjewadi police station.
Baklikar, meanwhile, had earlier been arrested in another cybercrime case.
According to police, the two allegedly became acquainted while lodged at Yerawada Central Jail. Investigators are now examining whether their prison connection later developed into a wider network involved in cyber fraud.
BAMS Dropout Allegedly Joined Cybercrime Network
The investigation also revealed that Baklikar had been pursuing a Bachelor of Ayurvedic Medicine and Surgery (BAMS) course and was in his final year when he allegedly became involved with the cybercrime network.
Police suspect that after securing bail, he re-established contact with people involved in cyber fraud and resumed criminal activities.
Investigators are examining his previous cybercrime case and his contacts to determine whether he was linked to other fraudulent operations.
Eight Bank Accounts Allegedly Arranged for Cyber Fraud
According to investigators, at least eight bank accounts had allegedly been collected or arranged for transactions linked to cybercrime.
The accounts are being examined to determine how the allegedly defrauded money was moved through different stages of the network.
Police are also examining other individuals and accounts suspected of being connected to the operation.
The account trail could help investigators identify the beneficiaries and establish how the alleged investment fraud was structured.
Companies Under Scanner in Pune Cyber Fraud Probe
Several companies and business entities have also come under scrutiny during the investigation, including Construction Pvt Ltd, Strunova Pvt Ltd and Sustainblock.
Investigators are examining the role of these entities and their associated bank accounts to determine whether they were allegedly used to route or move proceeds of cyber fraud.
The financial records of the entities are expected to be examined alongside transaction data from the suspected bank accounts.
Police Probe Prison Contacts Behind Cyber Fraud Network
A major focus of the investigation is the accused’s network of contacts formed during their previous periods of judicial custody.
Investigators are trying to determine whether other people who came into contact with Baklikar or Lokhande in prison were subsequently brought into the alleged cybercrime operation.
Police are also examining the accused’s possible links with other cyber fraud cases and bank accounts previously used in such transactions.
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Investment Fraud Schemes Rely on Multiple Bank Accounts
Investment fraud schemes often involve criminals promising victims unusually high returns and persuading them to transfer money into multiple bank accounts.
The money can then allegedly be moved rapidly through a chain of accounts, making it more difficult for investigators to trace its ultimate destination.
Banking records, digital devices and communication links therefore play an important role in establishing how such networks operate and identifying the individuals controlling different stages of the transaction chain.
Pimpri-Chinchwad Cyber Police Trace Wider Money Trail
The Pimpri-Chinchwad Cyber Police are now questioning the arrested accused to identify other members of the alleged network and establish the complete trail of bank accounts and financial transactions.
Investigators are also examining whether the accused were connected to additional cyber fraud cases.
The investigation remains ongoing, and further arrests or disclosures are possible as police analyse the financial, digital and communication evidence.
About the author — Ananya Aradhya writes on cybercrime, fraud, scams, cybersecurity, digital safety, and emerging threats. Her work also covers major criminal cases, financial frauds, consumer scams, and stories that highlight risks affecting people in the real and digital world.
