Kandivali police have busted a major cyber fraud racket with the arrest of two suspects in a trap laid in Pune last Saturday. Pratik Kshirsagar, 38, and Dinesh Sankla, 25, were apprehended for allegedly duping a Kandivli-based businessman of Rs 8.22 lakh in a fake investment scheme. The scam unfolded between February 26 and March 31, leading to an online complaint on March 31 and an FIR on April 3.

Fake investment

According to the FIR, the accused lured the complainant with promises of high investment returns through a fake trading platform. The website displayed functional trading wallets and share banks, with every bank transfer reflecting in the victim's digital wallet to appear genuine. The fraudsters then claimed he had been allotted 30,000 IPO shares and asked him to pay over Rs 9 lakh. The complainant somehow arranged and transferred Rs 8.22 lakh, after which they allegedly stopped responding. The money was routed through accounts in Bank of Baroda, Uttar Pradesh Gramin Bank and Yes Bank.