Mumbai Police have arrested two people, including a former manager of a life insurance provider and a private bank manager, for their alleged involvement in a ₹1.5 crore investment fraud targeting a 68-year-old retired bank manager from Navi Mumbai.
The complainant was allegedly drawn into the scheme after seeing a Facebook video purportedly featuring Union Finance Minister Nirmala Sitharaman and promising returns of ₹30 lakh within a month on an investment of ₹22,000.
Police identified the arrested accused as Shweta Vikal Gupta, 41, and Yogesh Vivekananda Desai, 46, a resident of Bhandup West.
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Facebook Video Led to Investment Calls
According to police, the retired bank manager clicked on a link connected to the Facebook video and submitted his personal details.
He subsequently began receiving calls from several international mobile numbers.
One caller allegedly introduced himself as a representative of a stock trading platform called Savexa and persuaded the complainant to invest in foreign crude oil trading.
The caller allegedly claimed that the ongoing Iran-US conflict would create opportunities for higher profits and shared a website link with the complainant.
The victim was then asked to submit his Aadhaar and PAN card details.
Initial Investment Grew Into Larger Transfers
The complainant initially transferred ₹20,621.
He later transferred another ₹10 lakh after receiving a call from a person identified as Zain, who allegedly claimed to be an investment fund manager.
Police said the accused continued contacting the complainant and persuaded him to make further investments by promising higher returns.
Between April 8 and June 19, the retired bank manager transferred a total of ₹1.5 crore.
Financial-Sector Employees Arrested
Police have arrested Shweta Vikal Gupta, who was employed with a life insurance provider, and Yogesh Vivekananda Desai, who was employed with a private bank.
Investigators are examining their alleged roles in the fraud and the movement of the money transferred by the complainant.
The case centres on the use of a purported social media investment video, international phone calls and an online trading platform to persuade the retired bank manager to invest repeatedly in what was presented as foreign crude oil trading.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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