Surat, Sep 29 (SocialNews.XYZ) The Surat City Cyber Crime Branch has arrested three men from Mumbai in connection with an alleged Rs 1.10 crore share market investment fraud, with police finding that the bank account used in the case had been linked to complaints from multiple states.
The arrested accused have been identified as Rahul Rajak (27), Ashish Sonar (37), and Bhushan Sendane (34).
Police said Rajak allegedly created a firm in his name, obtained an Udyam certificate and opened a current account with IDFC Bank, which he handed over to Sonar for Rs 10,000.
Sonar allegedly passed the account to Sendane for Rs 30,000, while Sendane subsequently handed it to another accused for Rs 20,000.
According to the police, transactions worth Rs 2,41,03,506 were carried out through the current account between October 18, 2025 and January 9, 2026.
A check on the National Cybercrime Reporting Portal (NCRP) found 29 complaints from different states linked to the account, involving alleged fraud of Rs 16,13,44,790 or about Rs 16.13 crore.
DCP (Cybercrime Cell) Bishakha Jain said, "The three arrested accused had together received Rs 60,000 as commission for facilitating the bank account."
The case began after the complainant was allegedly contacted in the name of share market investment and promised high returns.
Police said the accused sent him an APK file of a fake Axis Bank application and falsely claimed to be calling from the bank’s customer care service.
The complainant was allegedly asked to download the application, create a demat account and carry out trading through it.
After the account was created, the complainant was instructed to transfer money to different bank accounts for trading.
Police said he transferred Rs 1,10,90,000, but when he later sought to withdraw his investment and the purported profits, the accused demanded additional payments towards withdrawal and other charges.
"The complainant was allowed to withdraw only Rs 5,000, while Rs 1,10,85,000 remained blocked, following which he realised that he had been defrauded," police said.
A case was registered at the Cyber Crime Police Station under Sections 318(4), 336(2), 338, 336(3), 340(2), 61(2), 3(5) of the Bharatiya Nyaya Sanhita, 2023, and Section 66(D) of the Information Technology Amendment Act, 2008.
Police said efforts are continuing to trace other accused persons allegedly involved in the fraud.
The Cyber Crime Branch has appealed to people to be cautious of advertisements promising high returns through online share market investments and not to transfer money to unknown persons without verification.
Source: IANS
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