Mumbai: Two Major Cyber Fraud Rackets Busted; ₹8.24 Crore Duped Through Investment Scams

Mumbai: In a significant crackdown on cybercrime, the South Cyber Region Police Station has arrested a 50-year-old man from Dongri in connection with a ₹5.39 crore online investment fraud case targeting a woman in South Mumbai. The accused, identified as Mohammad Arif Yusuf Khan, allegedly provided his bank account to cyber fraudsters, through which ₹11 lakh of the scammed money was routed.

According to South Cyber Police, Khan has a criminal past and was previously arrested in 2017 for drug-related offenses by the Ghatkopar ANC. After serving time, he began aiding cyber criminals by renting out bank accounts opened under outdated addresses, in exchange for hefty commissions.

Between July 27, 2024, and February 12, 2025, the victim was lured with promises of high returns via the "Topface" app and WhatsApp. The fraudsters convinced her to transfer ₹5.39 crore through multiple transactions. Upon investigation, cyber officials traced one recipient account to Khan, discovering that the funds were withdrawn through cheques and ATMs. He was arrested after police matched transaction records with his account.

Separate Case: North Cyber Cell Arrests Three in ₹2.85 Crore Stock Fraud

In a parallel operation, the North Cyber Cell arrested three suspects—Mohammad Asif, Ayub, and Sushant Sawant—for allegedly duping a man of ₹2.85 crore under the guise of stock market investments.

The case was registered between March and April 2024. Investigators found that prime accused Asif had set up fraudulent offices across Mumbai, targeting potential victims. He was aided by Ayub and Sawant in luring the complainant into a WhatsApp group and extracting funds through various tactics. Efforts are underway to trace other suspects linked to the racket.

Both cases underscore the growing threat of online investment scams and highlight the need for heightened vigilance while interacting with unknown entities on digital platforms.