Seven Arrested for ₹11.13 Crore IPO and Share Market Investment Fraud
Pimpri : The Pimpri Chinchwad Cyber Police Station has arrested seven accused for allegedly cheating a complainant of ₹11.13 crore by luring him with promises of high returns through share market and IPO investments. Police have also managed to hold ₹1.80 crore during the investigation.
According to police, the accused collected money from the complainant on various pretexts related to stock market and IPO investments but failed to provide any returns.
During the investigation, cyber police traced a suspicious bank account in Axis Bank, which helped them track the accused. The police team conducted operations in Kolhapur, Pune, Mumbai and Rajasthan and arrested the suspects.
The arrested accused have been identified as Abhay Patil, Shivtej Pote, Mahesh Udchane, Rahul Maurya, Yuvraj alias Santosh Mudaliyar, Pankaj Girigoswami and Prahlad Gadari.
The action was carried out under the guidance of Police Commissioner Vinay Kumar Choubey. Deputy Commissioner of Police Dr. Shivaji Pawar said the operation was conducted by a special team from the cyber police station.
