Mumbai: The South Region Cyber Police have arrested seven persons from five states in connection with a ₹10.98 crore share market investment fraud that duped a 61-year-old Mumbai businessman. The accused were apprehended from Maharashtra, Uttar Pradesh, Odisha, Bihar, and Punjab as part of a multi-state operation.
Accused Identified
Arrested accused identified as Kuvarlal Isulal Yele (57) – Gondia, Maharashtra (arrested January 29), Adarshsen Keshanath Anand (27) – Deoria, Uttar Pradesh, Amartyasen Keshanath Anand (23) – Deoria, Uttar Pradesh (both arrested January 28), Sunil Dinanath Gupta – Bhubaneswar, Odisha (arrested January 28), Rasraj Charu Bauri (32) – Muzaffarpur, Bihar (arrested January 30), Sanjay Singh Chander Singh (51) – Mohali, Punjab (arrested January 30) and Khirod Chandra Sahoo – Bhadrak, Odisha (arrested February 1)
The complainant, Hoshang K. Vajifdar (61), a businessman residing at Churchgate, allegedly lost ₹10.98 crore between December 29, 2025, and January 17, 2026, after being lured into a bogus share market investment scheme.
Investigation Launched
Following his complaint, an FIR was registered at South Region Cyber Police Station on January 20, 2026. Acting on the directions of the Senior Officer, nine police teams were deployed across multiple states to trace the layer-1 bank account holders who directly received the defrauded money.
Police said ₹2.06 crore from this particular case was transferred into the bank accounts operated by the accused. Further scrutiny revealed that a total of ₹13.77 crore belonging to 91 complainants across the country had been routed through the same accounts, as per complaints registered on the National Cyber Crime Reporting Portal (NCRP).
These accounts functioned as “layer-1” accounts, where victims directly transferred money before it was further siphoned off. Authorities have so far managed to freeze ₹2.13 crore through the cybercrime helpline 1930. Police said further arrests are likely as the investigation continues to trace other members of the fraud network.
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