Pune: Share Trading Racket Busted in Pimpri Chinchwad, 5 Arrested

Pune: A major fake share trading racket was busted by the Cyber Cell of Pimpri Chinchwad Police. The nexus was involved in duping people of lakhs of rupees. Police have arrested five people in this regard. The arrested accused were identified as Juned Mukhtar Qureshi, Salman Mansur Shaikh, Abdul Aziz Ansari, Arif Anwar Khan, and Taufik Gaffar Shaikh.

According to police, following complaints from residents of Pimpri Chinchwad city who collectively lost Rs 31 lakh to the fraudsters, the law enforcement authorities initiated a thorough probe into the matter.

Police harnessed advanced technical analysis to identify and nab five suspects linked to the fake share trading application.

Police have also recovered Rs 7 lakh in cash, 7 mobile phones, a cash counting machine, 8 debit cards from various banks, and 12 cheque books from different banks from their possession.

"It was found during the investigation that all five accused defrauded several people of crores of rupees through approximately 120 bank accounts. They had an overseas link as well, as they also received money from people offshore which they converted into cryptocurrencies and diverted to their handlers in Hong Kong," news agency ANI quoted DSP Sandeep Doiphode as saying.

The senior officer informed further that the "accused were unemployed and used to target people, who took an interest in share trading.