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Mumbai resident loses Rs 16.31 lakh in fake trading app scam; RTO agent held

The fraudsters approached the victim via social media

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The man discovered something was amiss after he couldn’t withdraw the money. PIC/ISTOCK

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.

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