Bengaluru man arrested for running inter-state cyber scam racket, defrauding several of ₹2.3 crore: Report

Bengaluru man, Kumar Utlasar, 50, was arrested by Goa Police for an investment scam involving ₹2.3 crore.

A Bengaluru resident identified as Kumar Utlasar, aged 50, was arrested by the Goa Police cyber crime cell over an alleged investment scam involving ₹2.3 crore. The arrest followed a complaint from a Valpoi resident, who reported being duped through a series of WhatsApp messages encouraging high-return investments in stocks, The Times of India reported.

Bengaluru has seen several cyber crime and cyber fraud related incidents of late, including courier scams, stock investment scams, and digital arrests. (Shutterstock)

SP Rahul Gupta from the crime branch spoke to reporters about the case and said it was registered on October 22 after the complainant was lured into a WhatsApp group named "A-33 High-Quality Stocks Exchange Group," where he was persuaded to invest in supposedly lucrative IPOs and upper-circuit stocks via the SMIFSMAX app, the report stated.

The accused promised substantial returns, leading the victim to transfer ₹1 crore into several bank accounts through various transactions. These transactions were linked to Utlasar’s company, Aurinko Diensten, which investigators identified as the recipient of the fraudulent funds, the publication noted.

SP Gupta revealed that Utlasar not only funneled part of the money to other accounts but also used ₹6 lakh from the victim’s funds for personal expenses. Analysis of his bank transactions showed connections to cyber fraud cases spanning nine Indian states, with a cumulative amount of ₹2.3 crore implicated in various scams, the report further stated.

Currently held in police custody, Utlasar is under investigation, with another police official overseeing further probes at the cyber crime police station, the report added.