Pune (Maharashtra) [India], July 1 : In a major crackdown on online fraud racket, the Cyber Crime unit of Pimpri Chinchwad Police has arrested five individuals within 24 hours for allegedly duping a victim of Rs 1.11 crore through a fraudulent online investment scheme, an official said on Tuesday.
According to DCP Shivaji Pawar, the complainant, who is an engineer by profession, was contacted by the accused via multiple WhatsApp numbers with an offer to invest in a platform named "Ali Express," promising high returns of 10-15%.
Initial transactions appeared legitimate, with the complainant receiving small profits, which prompted further investments amounting to over Rs 1.11 crore, deposited into various bank accounts provided by the fraudsters.
DCP further added, "When the complainant attempted to withdraw the invested amount and earnings, he was asked to pay government taxes first. Suspecting foul play, the victim approached the Cyber Police.
Recognising the scale of the fraud, Police Commissioner Vinay Kumar Choube ordered an immediate investigation into the case, following which the cybercrime unit launched a technical investigation. Their probe revealed that Rs 2 lakh had been withdrawn from an AU Small Finance Bank account in Nagpur.
Following this lead, the team reached Nagpur and, with the assistance of local police, arrested Sharad Dilip Saraf, a resident of Hadapsar, Pune. During interrogation, Saraf confessed to the crime along with Suraj Saikar and Sanket Nhawale, who were subsequently arrested from Nagpur and Pune, respectively.
Further investigation revealed that the accused, along with Yogiraj Jadhav and Nagesh Gange, had operated multiple mule bank accounts to collect funds, which they later withdrew in cash. The money was then converted into USDT cryptocurrency and traded across platforms to launder it back into Indian currency, an attempt to erase the money trail.