Cyber Cell Cracks Multi-Crore Online Trading Scam, One Arrested in ₹2.24 Crore Fraud Case
In a significant breakthrough against financial cybercrime, Maharashtra Police’s Cyber Cell has uncovered a massive online trading scam worth ₹2.24 crore. The investigation has led to the arrest of a 47-year-old businessman, identified as Santosh Rupnar, who allegedly provided his bank account to cyber fraudsters for illegal transactions. Authorities say this is part of a larger scam network that has duped victims across multiple states.
How the Fraud Unfolded
The case first surfaced in July–August 2025, when a stock market employee was added to a WhatsApp group that appeared to share investment tips. According to reports, the victim was lured with promises of 10–15% assured returns on investments. Soon after, he was persuaded to download a trading application that displayed fake profits to create trust.
Tempted by the high returns, the victim invested heavily and transferred around ₹2.24 crore through multiple transactions. On the fraudulent app, his account showed an inflated profit of nearly ₹10 crore. However, when he attempted to withdraw the amount, he was repeatedly asked to pay additional charges and fees. It was only then that the victim realized the entire setup was fraudulent.
The Accused and His Role
Police investigations revealed that the arrested individual, Santosh Rupnar, a resident of Manjari Budruk, played a crucial role in enabling the scam. He allegedly handed over his company’s bank account, registered under Jan Seva Industries Pvt Ltd, to the cybercriminals.
The Cyber Cell discovered that transactions worth ₹3.53 crore were linked to his account, including the ₹1.05 crore that directly came from the victim. Officials confirmed that Rupnar has been booked under multiple charges related to cheating and cyber fraud. He is currently in police custody, where further interrogation is underway to trace the larger network involved.
Widespread Impact Across States
This case is not isolated. Authorities revealed that as many as 12 separate complaints related to similar scams have been registered across India. Investigators suspect the arrested businessman was just one part of a bigger racket operating across states, using false trading platforms to siphon off money from unsuspecting investors.
Warning for Investors
Police have issued a public advisory urging citizens to remain cautious about online trading platforms. They stressed the importance of verifying the authenticity of apps and ensuring they are registered with SEBI before making any investments.
A senior official remarked, “Fraudsters exploit people’s greed for high returns. Always cross-check the legitimacy of financial platforms. If something sounds too good to be true, it usually is.”
Next Steps in Investigation
The Cyber Cell is now tracking the flow of money to identify other individuals and accounts linked to the fraud. Authorities believe more arrests are likely in the coming weeks as they unravel the network behind the scam. The case highlights the growing trend of financial fraud through digital platforms and the need for stricter awareness among investors.
As digital trading becomes more accessible, experts caution that cybercriminals are quick to exploit loopholes and human vulnerabilities. The best defense, according to officials, is awareness, skepticism toward unrealistic promises, and reliance only on verified financial institutions.
