Mumbai, October 27, 2026: The Maharashtra Cyber Department has arrested a 23-year-old man in connection with an online stock market investment fraud involving Rs 4.97 lakh, officials said on Tuesday.
According to officials, the complainant, a 42-year-old resident of Kalyan, was allegedly lured into investing through a social media advertisement linked to the “Saskahana International Group” and a WhatsApp group operating under the name “Breakthrough Communication”.
Victim Allegedly Lured Through WhatsApp Group
The fraud allegedly took place between August 25 and September 23. During this period, a woman identified as Shikha Sharma contacted the complainant, provided investment guidance and encouraged him to invest in the stock market through an online trading application.
Trusting the information provided to him, the complainant transferred a total of Rs 4.97 lakh to eight different bank accounts. After suspecting financial fraud, the complainant reported the matter through the national cybercrime helpline 1930 on September 27.
Subsequently, an FIR was registered at the Maharashtra Cyber nodal police station under Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS) and Sections 66(C) and 66(D) of the Information Technology Act.
Money Trail Leads To Accused
During the investigation, police traced the financial transactions and examined the movement of the fraudulently obtained money through multiple bank accounts.
Investigators found that money credited to an account belonging to Nikhil Kamble was withdrawn in cash and handed over, through an intermediary, to the accused, Mohammed Ali Kapadia.
On October 26, Kapadia appeared before the investigating officer. During questioning, investigators examined his alleged role in receiving and disposing of cash linked to the fraudulent transactions. He was subsequently arrested in the case.
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Probe Underway To Identify Others
Officials said the investigation also indicates that the accused may have coordinated with other individuals to facilitate the withdrawal of money obtained through cyber fraud. Further investigation is underway to identify other persons involved in the racket and trace the remaining money.
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