The North Region Cyber Police of the Mumbai Crime Branch have arrested a travel businessman from Himachal Pradesh in connection with an alleged ₹1.07 crore online share trading and IPO investment fraud. With this arrest, the total number of accused held in the case has risen to seven. Investigators allege that the accused’s bank account was used to receive, route and withdraw money obtained through the cyber fraud.
The arrested accused has been identified as Atma Ram, a tour and travel businessman from Shimla, Himachal Pradesh. Police tracked him down after analysing digital banking records and the financial trail linked to the fraudulent transactions. During the investigation, officials found that ₹15 lakh from the complainant’s funds had first been transferred to another bank account, from where ₹10 lakh was allegedly routed to Atma Ram’s account. Investigators further claim that ₹9.90 lakh was later withdrawn in cash using a cheque.
According to the police investigation, Atma Ram allegedly allowed his bank account to be used at the request of a former bank employee. During questioning, he reportedly stated that he had met the individual at a salon, where he was promised a substantial commission for allowing transactions through his account. The former bank employee allegedly claimed that the money being routed was related to online gambling. Investigators allege that after ₹15 lakh was credited to the account, Atma Ram retained approximately ₹3 lakh as commission and withdrew the remaining amount in cash before handing it over to the alleged former bank employee, who remains absconding.
Police say the investigation has uncovered a multi-layered network in which numerous bank accounts were arranged and used to transfer fraud proceeds in an attempt to conceal the original source of the money. Those arrested so far include Sandeep Gopal Agrawal, Jagjitsingh Surjansingh Shergil, Manishkumar Kantibhai Patel, Shibu Narayanan, Kapil Mahavirkumar Pipada alias Vikas Jain, Praveen Govind Kutty alias Praveen, and Atma Ram.
The case originated after a 43-year-old investment banking professional from Goregaon East, Mumbai, allegedly lost ₹1,07,37,208 in a fake online share trading and IPO investment scheme. According to the complaint, she was added to a WhatsApp group and persuaded to invest through a fraudulent trading platform. The platform displayed fictitious profits of nearly ₹3.60 crore, convincing her that her investments were generating substantial returns.
When the woman attempted to withdraw her investment and the displayed profits, the fraudsters allegedly demanded additional payments under the pretext of verification charges, transaction fees and tax payments. Realising that she had been deceived, she approached the police. Investigators traced the financial transactions, leading them to Atma Ram in Shimla. After his arrest, he was brought to Mumbai, produced before a court and remanded to police custody.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said cybercriminals involved in online investment scams typically lure victims by displaying fake profits to build confidence before demanding repeated payments under the guise of taxes, verification charges or processing fees when victims attempt to withdraw their funds. He advised investors to verify the authenticity of every investment platform through authorised regulatory and official sources and to avoid investing through offers received on social media or messaging applications.
Police are continuing their investigation to trace the absconding former bank employee and follow the remaining financial trail of the fraud proceeds. Investigators are also examining the roles of other suspected members of the organised network and whether similar methods were used to target additional victims. Officials said further arrests are possible as the investigation progresses.
