Mumbai, November 24: A man from Mira Road was arrested for allegedly duping a retired woman teacher of nearly INR 24 lakh in a fraud share trading scheme. Acting on a complaint by the victim, the North Division Cyber Police have arrested a man from Mira Road, identified as Shivam Varma, in connection with a fraudulent share trading scheme that targeted a retired teacher.

According to a report published by Mid-Day, the teacher fell victim to the scam after clicking on an advertisement about shares and likes. She was lured into investing a significant sum with promises of high returns. However, when she attempted to withdraw her supposed profits, she was asked to invest more money. Realising she had been scammed, the teacher approached the cyber police. Mumbai Shocker: Man Lures Youths With ‘Fake’ Job Promises, Flees With Their Phones To Manage Expenses of 2 Wives, Say Police.

Teacher Loses INR 23 Lakh in Share Trading Scam

A thorough investigation, led by Deputy Commissioner Dutta Nalavade, traced the fraud to Shivam Varma. He confessed to helping the fraudsters by providing his bank account details to an absconding suspect in exchange for INR 25,000. Dating Apps Scam: 46-Year-Old Businessman Duped Twice by 2 Women He Met on Different Dating Apps in Mumbai, Loses INR 2 Crore; Probe Launched.

Police are continuing their search for the absconding individual linked to the scam. During interrogation, it was revealed that Varma and the absconding accused became friends in a bar. The absconding accused offered Varma money for providing a bank account, which was later used by the fraudulent gang to deposit the proceeds of the cyber scam. More than INR 35 lakh in cyber fraud was deposited into Varma's account, including complaints amounting to INR 2 lakh. The police have recovered several details of the fraudulent activities.

(The above story first appeared on LatestLY on Nov 24, 2024 11:33 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).