Six held for defrauding INOX Group executive of ₹10 cr

Police said the six accused had allowed the money to be transferred into their bank accounts for a commission and have given the individual behind the crime their cheque books and debit cards, to withdraw the proceeds of crime

MUMBAI: Six people have been arrested for allegedly cheating a senior accounts executive with the INOX Group of ₹10.4 crore. The scamsters made him believe he was transferring the sum on instructions of a senior director of the group. The transfer was made in 63 transactions from the company’s accounts.

The mastermind had used a canny strategy to launder money by getting the accused to purchase gold after taking loans. They would repay the loans with the proceeds of crime, thus laundering money and giving the main accused the bullion, according to the police. (Shutterstock)

According to the South Cyber police, the arrested accused are Dnyaneshwar Thoke, 22, a resident of Jalna district in Maharashtra; Birendra Kumar Bhagat, 26, Ranjan Kumar Kharwar, 41, both residents of Siwan in Bihar; Vikas Bind, 22, Vansh Monocha, and Faiyaz Shabbir Hussain Alam, all three from Delhi.

Police said the six accused had allowed the money to be transferred into their bank accounts for a commission and have given the individual behind the crime their cheque books and debit cards, to withdraw the proceeds of crime.

The mastermind had used a canny strategy to launder money by getting the accused to purchase gold after taking loans. They would repay the loans with the proceeds of crime, thus laundering money and giving the main accused the bullion, according to the police.

The man posing as the director told Amin he was about to attend a meeting, saying he would call back later. Then he told Amin to transfer ₹46.5 lakh to a bank account, whose details he shared.

“Between June 3 and 15, Amin allegedly acted on similar Whatapp instructions and transferred money from the company’s accounts to multiple accounts named by the sender.

A total of 63 transactions were made, amounting to ₹10,40,71,924, the complaint alleged. The fraud came to light when Amin contacted the INOX Group director to seek invoices for the money transferred. The director said he had never instructed Amin to transfer any money,” said the police officer, according to the police.

Deputy commissioner of the cyber police, Bajrang Bansode, has urged citizens to be careful. “Verify all transactions before making them via fake WhatsApp DPs (Display Pictures) or fake share market apps/links. Furthermore, if any unknown person posing as a police officer threatens you with a ‘digital arrest’, do not panic. Report it immediately to your nearest police station. If you fall victim to any type of cyber fraud, call the helpline number ‘1930’ or visit the portal.”