Mumbai Cyber Police Bust Major Stock Market & SIM Card Fraud, 8 Held

Mumbai Central cyber police have arrested eight individuals for defrauding many people by promoting false stock market investments. Among those arrested are two shop owners and six workers from mobile service providers. 

The case came to light after a resident lost INR 51 lakh. The victim was lured into a fake online trading platform through a WhatsApp group called "MSFL Chart 33". The victim, who worked for a private company, was invited to the group where scammers promoted share trading schemes. After showing interest, the victim was asked to complete the paperwork to open a trading account. 

The victim deposited INR 51.36 lakh into multiple bank accounts provided by the scammers. The scammers gave access to a fake trading platform that appeared to show profits. However, when the victim tried to sell shares and withdraw money, the transactions failed. 

During the investigation, police found that the accused had illegally migrated over 30,000 SIM cards without verifying Know Your Customer (KYC) documents. Many of these SIM cards were linked to fraudulent activities. Several phone numbers involved in the scam were traced to a Colaba-based mobile service provider. 

Police revealed that the accused were employees of Vi Company and Airtel. They worked as Direct Sales Executives (DSEs). The Vi workers were led by Mahesh Pawar, while another accused, Gulabchand Kanhaiya Jaiswar, was an Airtel employee. Colaba store owners Usman Ali Mohammad Hejabur Rahman Sheikh and Abubakar Siddiqui Yusuf were also arrested. 

The accused had sold about 30,000 SIM cards illegally. The SIM cards were reportedly sold to foreign nationals and other buyers without proper KYC documentation. This activity had been ongoing for over a year. 

As per a report by HT, the police advised citizens to be cautious while investing in the stock market. They suggested verifying the authenticity of investment groups and making sure that SIM cards are purchased or migrated with biometric KYC procedures. Police also warned against transferring funds to multiple bank accounts without thorough background checks.