Mumbai Senior Citizen Loses Over ₹1 Crore in Stock Market Scam, Accused Arrested

Mumbai, March 10: Mumbai Police's cyber crime branch has arrested 34-year-old Bharat Deepak Chavan for allegedly defrauding a senior citizen of ₹1.12 crore. Chavan reportedly lured the victim with promises of high returns on stock market investments. The police have also recovered ₹82 lakh from Chavan's multiple bank accounts.

Modus Operandi and Arrest

The police investigation revealed that Chavan opened several bank accounts where he deposited the stolen money between December 2023 and February 2024. The victim, 68-year-old Sandeep Deshpande, approached the police after Chavan, whom he met through a WhatsApp group promising high stock market returns, started demanding additional fees under the guise of taxes before releasing supposed profits.

Deshpande, who had expressed interest in investing in the stock market, became suspicious and reported the incident to the cyber cell. Based on his complaint, a case was registered against Chavan under cheating and IT Act provisions. The police traced Chavan using technical evidence and apprehended him from Bandra. Investigations are ongoing.

Surge in Cyber Crime

The police highlighted the rising trend of cyber crimes in India. They stressed that a lack of awareness and the allure of quick wealth make many people vulnerable to such scams. As per the NCRB report, cyber crime cases in India rose by 25% in 2022 compared to 2021, with over 65,000 cases registered. The authorities urged citizens to be cautious of individuals offering unrealistic investment opportunities.