The Cyber Crime unit of Hyderabad Police has arrested a 22-year-old man from Navi Mumbai in connection with a large-scale investment fraud that duped a city resident of nearly ₹2.44 crore.
The accused, Rashmit Rajendra Patil, allegedly played the role of an ‘account supplier’ in a network operating fraudulent stock trading apps.
According to an officer from the Cyber Crime police, the victim, a 56-year-old man from Hyderabad, was lured through social media into downloading mobile apps linked to stock trading platforms.
“Initially encouraged by what appeared to be daily profits and smooth withdrawals, the victim ended up transferring a staggering ₹2,43,95,000 to various bank accounts connected to the apps,” said the officer.
The fraudsters used Telegram, WhatsApp, and other social media platforms, to promise massive returns on short-term investments and presented fake profit dashboards to entice victims.
“Rashmit Patil, who resides in Sector 21, Nerul, Navi Mumbai, was allegedly responsible for supplying bank accounts to receive the stolen funds. A mobile was seized from him during the arrest. A case has been registered under Sections 66C and 66D of the IT Act and various provisions of the Bharatiya Nyaya Sanhita,” he added.
Anyone falling victim to similar frauds is advised to call the cybercrime helpline 1930 or report the incident at https://cybercrime.gov.in.
Published – April 20, 2025 07:32 pm IST