<p>In a recent case, the North Division <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/concert-ticket-black-marketing-maharashtra-cyber-cell-suggests-ai-stricter-rules-for-online-ticketing-23433937" target="_blank" rel="none noopener"><strong>Cyber Police</strong></a> arrested a Mira Road man in connection with a fraudulent share trading scheme that targeted a retired teacher, an official said.</p>
<p>The man has been identified as Shivam Varma, the official said.</p>
<p>According to police sources, the teacher, who became a victim after clicking on an advertisement about shares and likes, was lured into investing a significant sum of Rs 23.69 lakh.</p>
<p>She was later misled with promises of high returns, but when attempting to withdraw her supposed profits, she was asked to invest more money. Realising she had been scammed, the teacher approached the cyber police, the official said.</p>
<p>After a thorough investigation led by Deputy Commissioner Dutta Nalavade, the police traced the fraud to Shivam Varma from Mira Road, who had provided his bank account details to an absconding suspect.</p>
<p>Shivam confessed to helping the fraudsters in exchange for 25 thousand rupees. The police are continuing their search for the absconding individual linked to the scam, said an officer.</p>
<p>During the interrogation, it was revealed that Shivam Varma and the absconding accused became friends in a bar. The absconding accused offered Varma 25,000 rupees for providing a single bank account. Under the pretext of making quick money, Varma opened a bank account and handed it over to the absconding accused. This account was later used by the fraudulent <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/baba-siddique-murder-26-year-old-nabbed-from-nagpur-for-transferring-money-to-other-accused-in-case-23434044" target="_blank" rel="none noopener"><strong>gang</strong></a> for depositing the proceeds of the cyber scam.</p>
<p>More than Rs 35 lakh in cyber fraud was deposited into Varma's account, including complaints amounting to Rs 2 lakh, the officer added.</p><p>
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In a recent case, the North Division Cyber Police arrested Shivam Varma in connection with a fraudulent share trading scheme that targeted a retired teacher

Mumbai: Mira Road man held after retired teacher loses Rs 23.69 lakh in share trading fraud

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The teacher, who became a victim after clicking on an advertisement about shares and likes, was lured into investing a significant sum, promising high returns, an official said

Mira Road man held after retired teacher loses Rs 23.69 lakh in share trading fraud

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