Nashik: Over 10,000 People Duped In ₹1 Crore ‘Investment PINs’ Scam; 3 Arrested

The cyber police have busted a racket that allegedly duped thousands of citizens in Nashik by promising to double their money through a fraudulent website named Open Hands. The accused collected nearly Rs 1 crore by selling bogus investment ‘PINs’ to over 10,000 people. Three suspects have been arrested, while two key accused remain at large.

According to the cyber police, the racket was operated by Vicky Shinde (resident of Malegaon), Sandeep Matsalkar (Indiranagar, Nashik), Vishnu Muralidhar Patil (Malegaon), Pramod Babulal Billade (Indiranagar, Nashik) and Chetan Sanjay Mahajan (Deola).

The accused launched the Open Hands website and conducted Zoom and in-person promotional meetings in various cities. Investors were lured with promises of doubling their investment within 12 to 14 days. To join, individuals had to purchase a PIN worth Rs 1,000.

The gang allegedly sold these PINs to around 10,000 people and amassed close to Rs 1 crore via approximately 1,000 transactions. None of the investors received any returns, and the collected money was reportedly siphoned off for the accused's personal use.

Following a complaint, the Nashik Cyber Police launched an investigation under the guidance of Senior Police Inspector Dhwale. In the early hours of August 2, the police arrested Vishnu Patil, Pramod Billade and Chetan Mahajan. However, Shinde and Matsalkar—the alleged masterminds—are currently absconding. A manhunt has been launched to trace them.