Eight arrested in Mumbai share trading scam involving illegal SIM cards
The case came to light when a central Mumbai resident was defrauded of ₹51 lakh after being persuaded to invest in the share market through a trading platform
Mumbai: The Mumbai Central cyber police have arrested eight individuals, including six mobile service provider employees and two shopkeepers, in connection with a cyber fraud scheme that deceived numerous people through fraudulent share market investments.
The case came to light when a central Mumbai resident was defrauded of ₹51 lakh after being persuaded to invest in the share market through a virtual trading platform. The investigation revealed that the accused had illegally ported more than 30,000 SIM cards without proper verification of Know Your Customer (KYC) documents.
According to police officials, the victim, employed at a private firm, was added to a WhatsApp group called "MSFL Chart 33" where fraudsters disseminated share trading messages to entice potential victims. After expressing interest in May, the victim's trading account was created through a link upon submission of documents.
The perpetrators provided access to a virtual trading platform interface and directed the victim to deposit funds across various bank accounts, totalling ₹51.36 lakh. Whilst the victim observed apparent profits in the fraudulent virtual account, attempts to withdraw funds by selling shares proved futile.
The cyber police investigation, led by Deputy Commissioner Datta Nalawade, traced several mobile numbers active in these WhatsApp groups to West Bengal. One number was tracked to a mobile service provider gallery in Colaba. "The accused were working in a Vi Company franchise in Colaba and illegally porting numbers by generating UPC codes without KYC documentation," explained a cyber police officer.
The arrested individuals include Mahesh Mahadev Kadam, Rohit Kanhaiyalal Yadav, Sagar Pandurang Thakur, and Raj Ravinath Arde, all Vi Company DSE employees reporting to team leader Mahesh Pawar. Additional arrests include Gulabchand Kanhaiya Jaiswar, an Airtel DSE employee, and Colaba shopkeepers Usman Ali Mohammad Hejabur Rahman Sheikh and Abubakar Siddiqui Yusuf.
"The accused have illegally sold approximately 30,000 SIM cards to foreign nationals and others without KYC verification over the past year," said Senior Inspector Mausami Patil of the Central Cyber police station.
The police advise citizens to exercise caution when investing in shares, recommending physical verification of company offices and thorough background checks of investment groups. They warn against depositing money into multiple bank accounts and emphasise the importance of proper biometric procedures during SIM card purchases or porting.
Victims of cyber fraud are encouraged to contact the Cyber Helpline at 1930.