The crime branch of Navi Mumbai Police has arrested two suspects for running a complex ₹4.71 crore online investment fraud that duped a 70-year-old retired government officer. The accused allegedly posed as financial advisers, luring the victim into fake IPO and index trading schemes via WhatsApp and sham mobile apps, police sources confirmed.
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Deceptive Trading App and WhatsApp Lure
According to the cybercrime investigation, the suspects, identified as Vikas Prakash Gawhane (27), a real estate agent, and Manoj Vishnu Kalapad (22), a graduate operated between November 2024 and March 2025. They initially enticed the victim with promises of high returns on IPO and index investments, directing him to download a fraudulent trading app. The app showed inflated profits, prompting the retiree to transfer large sums to multiple bank accounts, including one opened under the name “Mahadev Construction” in Panvel.
Police officials stated that once the victim attempted to withdraw funds, he was told he needed to deposit even more money— a classic “advance fee” fraud trigger that raised suspicion. His subsequent FIR led to technical tracing by investigators, who then arrested both individuals on June 7. During the operation, authorities uncovered bank records, communications, and software tools used to deceive investors.
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Network Suggests Wider Cybercrime Scale
Further interrogation revealed that this duo may be part of a broader cyberfraud network spanning multiple states, with at least ten related cases under investigation. These revelations suggest the systematic use of WhatsApp groups, bogus apps, and deceptive websites to defraud primarily older and trusting individuals.
The suspects have been charged under Sections 318(4) (cheating), 319(2) (impersonation), and 3(5) (joint criminal liability) of the Bharatiya Nyaya Sankshepa—India’s rewritten IPC, along with Section 66D of the IT Act. They remain in police custody as the probe continues, with officials on the hunt for other accomplices and money trails.
As online investment schemes grow rampant, this case highlights the vulnerability of retail and senior investors to digital impersonation. The Navi Mumbai Cyber Police have issued a cautionary advisory urging individuals to confirm legitimacy through official regulatory channels before making any money transfers.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.