Mumbai, July 4 : The Cyber Crime Branch of the Mumbai Police has busted an organised cyber fraud syndicate allegedly involved in cheating investors of more than Rs 1.07 crore through fake online share trading schemes.

As part of the operation, police arrested six individuals accused of orchestrating the fraud by luring victims with bogus investment opportunities, officials said.

According to the Cyber Police, the accused allegedly carried out the fraud by operating through WhatsApp groups, fake trading applications and multiple bank accounts while promising lucrative returns through fabricated share trading and IPO investment schemes.

Of the six accused arrested in the case, four were apprehended from Vadodara in Gujarat, while the remaining two were arrested from Mumbai. Police said the investigation revealed that the group functioned as a well-organised network with clearly defined roles assigned to different members.

According to investigators, the operation was carried out in several layers. The first stage involved identifying individuals willing to provide their bank accounts.

Thereafter, current accounts were allegedly opened in the names of companies, following which the money obtained through the fraud was routed through multiple bank accounts before being transferred further to conceal its trail.

Police believe the entire mechanism was part of an organised cyber fraud racket designed to evade detection.

The case came to light after a 43-year-old investment professional from Mumbai approached the police with a complaint.

According to investigators, she came across an online share trading advertisement on WhatsApp and clicked on the link provided in the message.

Police said that after accessing the link, the woman was added to a WhatsApp group named 'Arjun Mehta, Kua Securities, UK', where several individuals, posing as market experts, regularly shared stock market updates, investment advice and claims of exceptionally high returns in an apparent attempt to gain the confidence of group members.

According to the police, the accused gradually won the victim's trust through professional-looking conversations and investment discussions.

She was eventually persuaded to register on what was presented as an online trading platform and to download a mobile application that displayed an interface closely resembling a genuine stock trading platform.

Believing the platform to be legitimate, the victim transferred money in multiple instalments from her own bank accounts as well as from the accounts of her family members to various bank accounts provided by the accused.

During the investigation, police found that the fraudsters had allegedly cheated the victim of a total amount of Rs 1,07,37,208.

The Cyber Crime Branch is now examining the financial transactions linked to the accused, tracing the movement of the defrauded funds and identifying other individuals who may have been part of the network.

Investigators are also trying to ascertain whether more investors across different states may have fallen victim to the same modus operandi.

Further investigation into the case is underway.

/IANS