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CHEMBUR, MUMBAI: A 41-year-old man from Chembur has been arrested by the South Region Cyber Police for his alleged role in a ₹7.3 crore investment fraud. The accused, Rahul Gawli, reportedly permitted fraudsters to use his identity and address to open a bank account in the name of a fake company, which was used to divert part of the victim’s funds.
According to police officials, the victim, a 63-year-old businessman from South Mumbai, was lured into the scam via a WhatsApp group in February. He was added through a shared link and approached by individuals claiming to be investment portfolio managers, including a woman identified as Riya Bansal.
Fake SEBI Number, Trading App, and False Promises
The group, masquerading as representatives of a reputed private investment firm, promised the businessman a 10% monthly return if he invested in the primary market. Wanting to open an account in his daughter’s name, he provided her details and was sent a registration form containing a forged SEBI registration number.
Subsequently, he was added to another WhatsApp group for “premium investors” and was asked to download a trading app. Between March 7 and May 6, the victim transferred ₹7.3 crore across multiple bank accounts, believing he was investing in genuine stock market instruments.
The victim initially managed to withdraw ₹28 lakh. However, further withdrawal attempts failed. He was then asked to deposit an additional ₹3.7 crore to process his remaining profits, a demand that made him realise the fraud.
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Goa Link and Shell Company Bank Account
Investigation revealed that Gawli had travelled to Goa with another accused, where the fraudulent bank account was opened in the name of a fake company using their documents. In exchange, Gawli was promised a regular monthly income. The complainant had even transferred ₹5 lakh directly to this account.
A team led by Senior Inspector Nankumar Gopale and Inspector Suresh Bhoye is currently investigating the case. Authorities have urged citizens to remain vigilant, especially when investing through unfamiliar online platforms. They emphasised verifying SEBI credentials, checking reviews, and carefully examining app permissions, URLs, and company policies before making financial commitments.
