The North Cyber Police arrested three Pune-based men for allegedly cheating a Borivali businessman of Rs 48.5 lakh through fake share market investment schemes run via WhatsApp groups and a bogus trading app. Further investigation is underway
Prashant Sunil Kadav; Pranil Sanjay Rathod; Amar Bapu Shinde. Pics/By Special Arrangement
The North Cyber Police have arrested three Pune-based men for allegedly cheating a Borivli-based businessman of '48.50 lakh by luring him into fake share market investment schemes promising high returns. According to the police, the accused were engaged in different businesses but joined a cyber fraud syndicate in search of easy money and part-time income. They allegedly provided bank accounts to route the cheated money and earned commissions in return.
The complainant, a 43-year-old businessman working as an executive officer at the Diamond Market in BKC, received a phone call in October 2025 from an unknown woman identifying herself as “Riya”. She claimed to be associated with brokers registered with the Securities and Exchange Board of India and persuaded him to join a WhatsApp group titled Daily Recommendations 602. The group regularly shared stock tips, IPO updates, QIB investment options, and screenshots showing purported profits.
To further gain his trust, the victim was later added, without his consent, to a so-called “VIP Study Group”. He was instructed to download a trading application named TMGPLUS through a shared link. The app closely resembled legitimate trading platforms and displayed fabricated profits, prompting the complainant to invest progressively larger amounts.
Between November 18 and December 12, 2025, the businessman transferred '48.50 lakh via IMPS, NEFT, and RTGS to multiple bank accounts provided by the fraudsters. While the app initially allowed small withdrawals to build confidence, larger withdrawals were later blocked.
IPO trap
When the complainant attempted to withdraw his principal amount along with the displayed profits, the accused claimed the funds were stuck due to an IPO allotment process and demanded an additional '50 lakh to “release” the money. Upon refusing and after repeated follow-ups, the victim realised he had been cheated. He subsequently lodged a complaint with the Cyber Crime Helpline 1930 and later approached the police.
Police action
Following technical analysis of bank transactions, mobile numbers, WhatsApp groups, and digital trails, a team from the North Cyber Police Station, led by Inspector Kiran Aher and API Sudarshan Patil, coordinated with Ambegaon Police Station in Pune and arrested the accused on January 30, 2026.
The accused have been identified as Amar Bapu Shinde, 31, Prashant Sunil Kadav, 33, and Pranil Sanjay Rathod, 25, all residents of Pune. “During the investigation, it was revealed that all three accused are well educated and based in Pune. Shinde, who worked with a finance company, provided his bank account details to the fraudsters. Kadav acted as a middleman who sourced bank accounts for routing transactions, while Rathod collected the money from these accounts and handed it over to the mastermind. All three earned commissions from the transactions,” said an officer from the North Cyber Police.
Police traced a key transaction of '33 lakh routed through an RBL Bank account registered in the name of Sunenergier Solutions Pvt Ltd, Pune. Further probe confirmed the involvement of the three accused in providing banking channels to the cyber fraud syndicate. Further investigation is underway to identify other members of the racket and trace the siphoned funds. Police have urged citizens to remain cautious of unsolicited investment offers, WhatsApp stock tip groups, and unknown trading applications, and to verify credentials before investing in the stock market.
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