31 May,2026 08:48 AM IST | Mumbai | Samiullah Khan
The man discovered something was amiss after he couldn’t withdraw the money. PIC/ISTOCK
The North Division Cyber Police of the Mumbai Crime Branch have arrested a 30-year-old RTO agent for his alleged involvement in an online investment fraud in which a 49-year-old Mumbai resident was cheated out of Rs 16.31 lakh through a fake share trading platform.
The arrested accused has been identified as Faizal Mohammad Hussain Sheikh, a resident of Tulsiwadi, Tardeo was arrested on May 29, 2026, during the investigation of a cyber fraud case registered at the Cyber Police Station, North Division.
According to police, complainant Rizwan Abdul Rehman Sheikh was approached by fraudsters through social media between February and April 2026. The accused allegedly lured him with promises of high returns through stock market investments and added him to a WhatsApp group named âC262-Kotak Strategic Consensus'.
The fraudsters, posing as investment advisors, shared links to a mobile application and a fake trading website. They convinced the complainant that other investors were earning substantial profits through share trading. Believing the claims, the complainant invested money in multiple bank accounts provided by the accused and their associates.
Investigators said the complainant transferred a total of Rs 16.31 lakh to various bank accounts between March and April 2026. However, when he attempted to withdraw the purported profits, the fraudsters allegedly demanded additional payments, falsely claiming that his account had been blocked due to money laundering concerns.
Realising he had been cheated, the victim lodged a complaint through the national cyber helpline 1930, following which a case was registered under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
During the investigation, cyber police traced the money trail and found that Rs 8 lakh transferred by the complainant on April 10 was immediately diverted to other accounts. Further scrutiny revealed that Rs 4 lakh from the defrauded amount had been credited to a bank account and subsequently withdrawn in cash.
Police said the investigation led them to Sheikh, who was arrested for his alleged role in the fraud. During questioning, the accused disclosed that the funds were received on the instructions of an associate identified as Yusufbhai. However, investigators said neither the accused nor his associates have provided satisfactory information regarding the recovery of the cheated amount.
The police are also searching for the individuals who created and operated the fake trading website and mobile application, as well as unidentified beneficiary account holders who received the siphoned funds.
The Cyber Police have sought four days of police custody of the accused to:
>> Recover the cheated amount of Rs 16.31 lakh
>> Investigate the diversion and withdrawal of Rs 4 lakh received in beneficiary accounts
>> Trace the mobile numbers, websites
>> Identify and arrest other members
>> The investigation is ongoing.
