The scam targeted a 68-year-old complainant who was approached via WhatsApp groups with promises of high returns on investments in the stock market. The fraudsters convinced the senior citizen to download a fake application named Warburg Pincin and invest Rs 10,98,65,000
Investigations revealed that the funds were routed by the accused through multiple fake bank accounts across different states. PIC/MUMBAI POLICE
The South Regional Cyber Police Station, Mumbai, has arrested seven individuals from various states in connection with a major share market fraud that defrauded investors of nearly Rs 11 crore using a fake mobile application, officials said on Friday.
The scam targeted a 68-year-old complainant who was approached via WhatsApp groups with promises of high returns on investments in the stock market. The fraudsters convinced the senior citizen to download a fake application named Warburg Pincin and invest Rs 10,98,65,000 between December 29, 2025, and January 19, 2026, the police said in a press release.
Following a complaint registered on the National Cyber Crime Portal (NCCP) on the 1930 helpline, the Mumbai Police recovered Rs 2.21 lakh from the total amount through the portal. Investigations revealed that the funds were routed through multiple fake bank accounts across different states.
Recognising the gravity of the case, the deputy commissioner of police (cybercrime) directed the formation of nine special investigation teams, which were dispatched to several states.
The accused have been identified as Kuvarlal Doma Yele, 57, Gondia, Maharashtra; Adarshsen Keshavath Anand, 27, and Amtyansen Keshavath Anand, 23, from Deoria, Uttar Pradesh; Sunil Dinanath Gupta, 41, Bhubaneswar, Odisha; Rasaraj Chau Bawri, 32, Muzaffarpur, Bihar; Sanjay Chander Singh, 51, Mohali, Punjab, and Chirod Chandra Sahu, 57, Bhadak, Odisha.
The seven accused allegedly opened bank accounts under fake names and received Rs 2.06 crore with suspicious transactions totalling Rs 13,98,69,446 observed across the accounts. Additional complaints linked to these accounts are being reviewed nationally via the NCCP.
Police said the arrests mark a significant breakthrough in the first level of investigation into the fraudulent accounts. The operation was carried out under the supervision of Mumbai Police Commissioner Deven Bharti, Additional Commissioner Lakshmi Gautam, Joint Commissioner Shailesh Balkawade, and Deputy Commissioner Purushottam Karad, among other personnel.
Mumbai Police guidelines for citizens
Do not trust social media videos promising high returns on share market investments.
Avoid sharing personal information on such links.
Refrain from joining unknown WhatsApp/Telegram groups.
Keep privacy settings to “My Contacts Only” on messaging apps.
Consult only Securities and Exchange Board of India (SEBI)-registered investment advisors.
Transfer funds only to legitimate demat accounts, not random bank accounts.
Report suspicious calls or messages to the nearest police station or the cyber helpline at 1930.
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