Navi Mumbai Man Loses ₹15 Crore in Trading Scam, Accused Arrested
In a significant breakthrough, Navi Mumbai Police have arrested a 30-year-old man from Khagaria, Bihar, for allegedly duping a Navi Mumbai resident of ₹14.88 crore through an online share trading scam.
The accused, identified as Sujitkumar Madankumar Singh, was tracked down by the Cyber Cell after months of investigation. Singh has connections in Cambodia, where he worked at call centers involved in scamming Indian citizens, officials revealed.
According to the victim, the fraud occurred between January and August 2024, when he was lured by promises of lucrative returns in share trading. The fraudsters convinced him to invest, only to siphon off ₹14.88 crore.
Senior Inspector Gajanan Kadam of the Cyber Police Station confirmed that an FIR was filed under provisions of the IT Act and the new criminal code BNS. A police team arrested Singh in Bihar after analyzing technical and intelligence inputs.
Interrogations revealed that Singh operated from Cambodia between June 2023 and January 2024 and again from February to June 2024. During this time, he ran cyber fraud schemes targeting Indians. He reportedly bought SIM cards in India and supplied them to associates in Cambodia to facilitate these scams.
Investigators also discovered that Singh was active in several Telegram groups and had connections with individuals in Southeast Asia and within India. Further probes are underway to uncover the full extent of the scam and identify other accomplices.
News Source : “Information for this article was gathered from a variety of reliable news outlets.”
