Mumbai: Matunga Police Arrest 3 In Fake Call Center Stock Market Scam

Mumbai: Three individuals have been apprehended by the Matunga police station for their alleged involvement in operating a fake call center and enticing victims to invest in the stock market with promises of "double returns." The investigation was triggered when Chandrashekhar Taware (56) lodged a complaint at the police station.

According to Matunga police, Taware received a call in February, where the caller provided information about the stock market and persuaded him to invest in Profit Bull & M/S L B Enterprises, promising significant profits. Taware succumbed to the offer and invested Rs. 7,000 after downloading the Profit Bull app. Subsequently, he invested Rs. 8.33 lakhs through the app, believing he could withdraw the funds later. However, his attempts to withdraw the money failed, leading him to realize he had been deceived.

Upon filing an FIR, the police initiated an investigation. Following a comprehensive technical inquiry, Bahadur Bhadoriya (62) was apprehended at Mumbai Airport, where authorities seized four debit cards, four credit cards, five cheque books, three mobile phones, and five SIM cards from him. Bhadoriya confessed to his involvement and provided information leading to the arrest of Ankit alias Rajkumar Shinde (30) and Sanjay Bairagi (28). The trio admitted to operating the fake call center for approximately 1.5 years.

The accused have been charged under sections 419 (cheating by personation), 420 (cheating), and other pertinent sections of the Indian Penal Code, along with relevant sections of the IT Act. The arrests mark a significant breakthrough in combating fraudulent activities targeting unsuspecting investors.