FPJ Cyber Secure: Bandra Resident Arrested For Allegedly Swindling ₹1.12 Crore In Fake Investment Scheme

Bharat Chavan (34), a resident of Kherwadi in Bandra (East), has been apprehended by the Western Region Cyber Police for orchestrating a fraudulent investment scheme. Chavan, along with accomplices using WhatsApp, allegedly conspired to swindle Sandeep Deshpande (68) out of approximately Rs 1.12 crore between December 14, 2023, and February 6, 2024.

Details of case

The modus operandi involved sending Deshpande online share market notifications, eventually roping him into a group named Jonathan Simon Elite Profit Exchanger. Gaining his trust, they convinced him to invest in the stock market for promising returns. A fake website was created, and money was deposited into a fabricated account.

The fraudsters proceeded to siphon off Rs 1.12 crore by simulating share transactions. When Deshpande sought a refund along with the purported profits, the accused demanded more money, claiming it was required for taxes. Realizing he had fallen victim to financial deceit, Deshpande filed a complaint with the Western Region Cyber Police, prompting an investigation under the IPC and Information Technology Act.

Police discovered 33 bank accounts linked to the accused

The police, tracing the money trail, discovered 33 bank accounts linked to the accused and froze Rs 82 lakh across these accounts. As the investigation progressed, Chavan's involvement in the scheme came to light, leading to his arrest. The accused had initially deposited the ill-gotten amount into a single bank account, subsequently transferring funds to various accounts in different banks.

Chavan now faces charges related to fraud and violation of the Information Technology Act. The case highlights the persistent challenge of cybercrime and the importance of vigilance in online financial transactions. Authorities remain committed to combating such fraudulent activities and ensuring justice for victims like Sandeep Deshpande.