Mumbai Police bust Rs 18 crore share trading fraud, three held from Bandra

In a major breakthrough, the North Division Cyber Police Station of Mumbai Police has busted a share trading cyber fraud case and arrested three people for allegedly defrauding people of over Rs 18 crore, the police said on Tuesday.

The gang lured people into bogus share trading investments with promises of high returns, an official said.

According to the police, the probe into the matter was launched after a complaint was filed on 22 April 2025, by a 49-year-old Goregaon resident who lost Rs 2.77 crore to the scam. The complainant was added to a WhatsApp group named “K05-IIFL Securities Limited” by unknown fraudsters, who posed as investment advisers.

Using fabricated trading tips and screenshots of fake profits, they convinced him to download a fake trading app named “IIFL Markets” through a suspicious link, the official said.

The victim was persuaded to invest in what was claimed to be block trades, QIP, and IPOs, and transferred large sums into multiple bank accounts. When he attempted to withdraw his so-called returns, he was further extorted under the guise of taxes and credit checks, he said.

The police said that a key breakthrough came when investigators traced Rs. 71.22 lakh of the swindled amount to a bank account held under the name of one Rudra Enterprises.

Technical tracking and investigations led to the arrest of the suspects from Bandra, Mumbai.

They were identified as Rishak Mohan Shirodkar (38), Krishna Arun Gawli (24), and Sohail Nazir Ahmader Shaikh alias Jack (30), the police official said.

He added that the police seized mobile phones, cheque books, and a debit card from the accused, which they allegedly used to operate the racket.

The prime accused, Shirodkar, had allegedly opened the fraudulent bank account under his name and operated it to receive scam money. His co-accused, meanwhile, were involved in transferring and laundering the defrauded funds. Investigations revealed that the bank accounts used were linked to 28 fraud complaints across India, with total fraudulent gains estimated at Rs. 18 crore.

The police are urging citizens to remain vigilant against online investment scams and to report suspicious activity through the Cyber Helpline 1930, or online at cybercrime.gov.in.