A major cyber fraud case linked to online stock trading has once again raised serious concerns over investor safety. In this incident, fraudsters targeted a retired corporate executive and duped him of ₹89 lakh by promising high returns on investments. Two cousins from Nashik—Yogeshwar Jagannath Kuthe and Hrishikesh Bhagwat Kuthe—have been arrested for allegedly facilitating the transfer of the defrauded money through their bank accounts.
Investigations revealed that the accused allowed cyber criminals to use their bank accounts, through which around ₹51 lakh of the cheated amount was routed to multiple destinations. This transaction trail eventually led investigators to the duo. Preliminary findings suggest that the accused may have received a commission in exchange for providing their accounts.
FCRF Launches Premier CISO Certification Amid Rising Demand for Cybersecurity Leadership
WhatsApp Group Lures Victim with Fake Professor
The victim, 54-year-old Rajasekharan Harikrishnan, a former senior executive at a private company, had been staying at home in recent months when he came across an eye-catching advertisement on social media. The advertisement promised substantial returns through stock market trading. Curious, he clicked on the link and was subsequently added to a WhatsApp group.
The group had around 150 members and regularly shared stock market tips. Many participants posted screenshots of profits and success stories, creating an atmosphere of credibility. Soon, an individual posing as “Professor Sanjeev Das” contacted the victim and encouraged him to invest. He was further persuaded by others identifying themselves as Sania Gupta and Karan Verma, who projected themselves as financial experts.
Bogus Trading App Shows Profits, Then Freezes
The fraudsters then instructed the victim to download a specific trading application and invest through that platform. Initially, the app displayed profits, which strengthened the victim’s confidence. Gradually, he was encouraged to invest larger amounts.
Between February 10 and March 6, the victim invested a total of ₹89 lakh through the fraudulent app. However, when he later attempted to withdraw a portion of the profits, he was informed that his account had been frozen due to a “regulatory inquiry.” This raised suspicion.
Despite repeated attempts to contact the individuals, the victim received no response. It was then that he realised he had been defrauded. The money he had invested was originally set aside for purchasing a property, which was completely siphoned off by the fraudsters.
Following the complaint, investigators traced the movement of funds across multiple bank accounts. A key breakthrough came when ₹51 lakh was found to have been transferred into an account linked to Pimpalgaon in Niphad taluka of Nashik. Acting on this lead, authorities detained the two accused and produced them before a court, which remanded them to police custody for further interrogation.
Investigative agencies are now working to identify other members of the network, including the main perpetrators who used fake identities to lure victims. Officials are also probing whether more individuals have been targeted using a similar modus operandi.
Expert Warning on Social Engineering Scams
Cyber crime experts say such frauds typically rely on “social engineering” tactics, where criminals build trust before executing the scam. Renowned cyber crime expert and former IPS officer Prof. Triveni Singh noted that fraudsters often use WhatsApp groups, fake profiles and bogus applications to trap investors. “They first gain trust by showing fake profits and then wipe out large sums in one go,” he explained.
The case serves as a stark reminder that blindly trusting online investment offers can be extremely risky. Investors are advised to exercise caution, especially when dealing with unknown apps or unverified platforms, as such schemes are increasingly being used to carry out large-scale financial frauds.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
