Fake Online Share Trading Scheme Costs Goa Senior Citizen Rs 39 Lakh, Two Arrested

Two men from Maharashtra’s Pune district have been arrested in Goa for allegedly cheating a 60-year-old man of Rs 39.01 lakh through a fraudulent online share investment scheme, police said on Sunday.

The accused, identified as Sagar Prakash Dholvi and Ajinkya Ravindra Abhang, were arrested on October 23 and 24, respectively. They hail from Narayangaon and Alephata areas of Pune district, Superintendent of Police (Cyber Crime) Jivba Dalvi said.

A case was registered on October 3 following a complaint by the victim, a resident of Porvorim in North Goa. He alleged that he was defrauded of Rs 39,01,047 between August 21 and September 28.

According to police, the accused allegedly contacted the complainant through WhatsApp and persuaded him to invest in an online share trading scheme. The victim transferred money to multiple bank accounts and was shown fictitious profits on a fraudulent investment application.

When he attempted to withdraw his investment and the purported profits, the accused allegedly demanded additional payments before stopping all communication with him, Dalvi said.

The investigation revealed that Rs 10.8 lakh had been transferred to a bank account linked to Abhang, while Rs 12 lakh had gone to Dholvi’s account, the police official said.

Police have secured Rs 23.12 lakh belonging to the complainant as part of the investigation. The accused were arrested under provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act following a probe by the Goa Cyber Crime Police team led by Sub-Inspector Anil Polekar.

Police urged the public to exercise caution while dealing with investment offers circulated through social media platforms and messaging applications, particularly those promising guaranteed or unusually high returns.

Suspected cyber financial fraud should be reported immediately by calling the national cybercrime helpline 1930 or visiting cybercrime.gov.in, police said.