Mumbai’s Kandivali Police have arrested two accused from Pune in connection with an alleged ₹8.22 lakh cyber fraud involving a fake investment and IPO allotment scheme. During the investigation, police uncovered 22 mule bank accounts that are allegedly linked to 183 cyber fraud cases registered across 10 states.
The arrested accused have been identified as Pratik Kshirsagar (38) and Dinesh Sankla (25). According to investigators, the duo allegedly lured a Kandivali-based businessman into a fake online investment scheme by promising high returns.
Police said the accused created a fraudulent trading platform that displayed digital wallets, trading balances and share holdings to make the investment appear genuine. Whenever the victim transferred money, the amount was reflected in the digital wallet, reinforcing the illusion of legitimate trading activity.
Registration Begins for FutureCrime Summit 2026, India’s Largest Cybercrime Conference
The accused later allegedly informed the businessman that he had been allotted 30,000 IPO shares and asked him to deposit more than ₹9 lakh to secure the allotment. The victim managed to arrange and transfer ₹8.22 lakh to bank accounts specified by the accused, after which they allegedly stopped responding.
The investigation revealed that the defrauded money was routed through accounts in Bank of Baroda, Uttar Pradesh Gramin Bank and Yes Bank. While tracing the money trail, police found that approximately ₹3 lakh had been transferred to the account of a Pune-based firm allegedly linked to Pratik Kshirsagar.
A police team travelled to Pune and arrested Kshirsagar, recovering electronic devices and important documents from his office. During interrogation, he allegedly claimed that he worked only as a mule account facilitator for a commission and disclosed the involvement of Dinesh Sankla.
Investigators then laid a trap by allegedly offering Sankla an opportunity to supply additional mule accounts. He was called to Pune on June 27 and arrested upon arrival before being brought to Mumbai along with Kshirsagar for further questioning.
Searches conducted during the investigation led to the discovery of 22 mule bank accounts allegedly connected to 183 cyber fraud complaints registered across 10 states. Preliminary findings suggest that the accused were acting as agents for a larger organised cybercrime network.
During questioning, Sankla allegedly stated that the fraud proceeds were not retained by the accused. Instead, the money was allegedly transferred to accounts said to be linked to a China-based entity, while the accused received commissions in US dollars. Police are investigating the alleged foreign connection and tracing the final destination of the funds.
So far, investigators have traced approximately ₹3 lakh of the defrauded amount. Police said the investigation is continuing to identify other members of the cybercrime network, examine the operation of the mule accounts, trace the money laundering trail and determine the role of additional suspects.
