Three people are detained after Mumbai Cyber Police uncover a fake trading app ring that defrauded citizens out of crores.

Three members of an Indian gang that defrauded common people of crores of rupees by enticing them with promises of rapid profits through fraudulent share trading schemes have been detained by the North Region Cyber Police of Mumbai as part of a significant crackdown on cybercrime.

The complaint claims that between February 17 and March 11, 2025, an unidentified WhatsApp user contacted the victim on social media and added them to a group called "K05-IIFL Securities Limited." The administrators and members of the organization promised substantial earnings through share trading and provided advice and ideas that appeared to be profitable. Through a dubious link, the victim was forced to download a fraudulent trading program called IIFL Markets: https://d3pcx4.g7mhiud.cloudfront.net/4cqzgk.

The scammers convinced the victim to move substantial sums of money into numerous bank accounts under the guise of block trading, QIP investments, and IPO purchases. To win the victim's faith, fake returns were presented. However, under false pretenses such tax deductions and low credit ratings, more payments were requested when the victim tried to take the earnings. The victim lost a total of Rs. 2,77,42,651 as a result of this complex scam.

To commit the scam, the accused used several current accounts, including ones from IDFC First Bank. Rupak Shirodkar, 38, used his own paperwork to register a bogus account under the fictitious name of "Rudra Enterprises." The third accused, Sohail Nazir Sheikh, also known as Jack (30), laundered the fraudulent sum after receiving the bank account, net banking login information, and associated SIM cards from another accused, Krishna Gawli (24).

According to investigations, the bank accounts utilized in the scam were used to siphon off more than Rs. 18 crore and were connected to at least 28 similar complaints that were submitted across different Indian police stations. Rupak Shirodkar, Krishna Gawli, and Sohail Sheikh, also known as Jack, were all taken into custody by the North Region Cyber Police, who also confiscated four cell phones, Yes Bank and IDFC First Bank debit cards, and checkbooks from the three defendants.

Speaking on the subject, Mumbai Cyber Police DCP Datta Nalawade confirmed the arrests and said that more investigation is being conducted.

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