The cyber cell of Pimpri‑Chinchwad Police has busted a ₹11.13 crore share market and IPO investment fraud, arresting eight accused across Maharashtra and Rajasthan in a major crackdown on organised cyber-enabled financial scams.
According to investigators, the accused allegedly lured investors by promising high returns through share market trading and Initial Public Offerings (IPOs) before siphoning off large sums of money through multiple bank accounts.
Retired Employee Duped Of ₹11.13 Crore In Investment Scam
Police said the fraud came to light after 61-year-old Pralhad Hage, a retired private-sector employee from Nigdi Pradhikaran near Pune, filed a complaint with the cyber police.
Between November 4, 2025 and January 31, 2026, the accused allegedly convinced him to invest in share market and IPO schemes with assurances of unusually high profits. Believing the claims, the victim transferred ₹11.13 crore through 52 transactions to multiple bank accounts provided by the accused. When the promised returns failed to materialise, the victim realised he had been cheated and approached the police.
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Eight Accused Arrested Across Maharashtra And Rajasthan
During the investigation, police arrested eight individuals identified as Abhay Balasaheb Patil, Shivtej Rajendra Pote, Mahesh Karbassapap Udchane, Rahul Bahadurprasad Maurya, Yuvraj alias Santosh Satish Mudliyar, Pankaj Mangu Girigosavi, and Prahlad Pruthviraj Gadari, along with another accomplice from Rajasthan.
Some of the accused are residents of Kolhapur, Wagholi, Lohegaon, Dahisar in Mumbai, and parts of Rajasthan, indicating the interstate nature of the fraud network.
Money Routed Through Multiple Bank Accounts
Investigators traced the financial trail to several bank accounts used to collect and withdraw funds from victims. One of the accounts, registered under “Ganga Sai Textile,” was linked to a private bank account that had received a portion of the fraud money.
Police said the main accused admitted to using 15 to 20 bank accounts to route and withdraw funds obtained from investors. Authorities believe these accounts were provided to intermediaries in exchange for commissions and were later used for cybercrime activities.
So far, investigators have frozen or recovered approximately ₹1.80 crore from the bank accounts linked to the fraud.
Case Registered Under IT Act; Probe Continues
Based on the complaint, police registered a case under Sections 66C and 66D of the Information Technology Act, 2008, along with other relevant legal provisions.
Officials said further investigation is underway to identify additional victims, trace the remaining funds, and determine whether the accused were part of a larger cyber fraud network targeting investors through fake share trading schemes.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
