The Pune police have apprehended an individual hailing from Alwar district of Rajasthan for his involvement in online share market fraud.
Pune police took custody of the accused identified as Milan Jenendra Jain from Navi Mumbai counterpart on Tuesday and produced him in court on Wednesday. The court sent him to police custody till May 22.
According to the police, the accused has been running a YouTube channel and making videos on share market and investment since 2019. Having over 40,000 subscribers, he formed “Trading With A Pro” company assuring good returns on investment.
The complainant from Sinhagad Road came in contact with the accused in 2021 and invested ₹25 lakh in the firm. He later approached the cyber police station when the accused failed to provide the promised returns.
Police sub-inspector Anil Dafal said, “He hails from the area under Cybercrime Pandhari Alwar district in Rajasthan state. During investigation it was found that the accused is wanted by the police in Mumbai, Pune and other cities for various share market frauds and duping people.”’
Elaborating his modus operandi, Dafal said that as many people were forced to work from home during the Covid pandemic, the accused attracted citizens to invest by sharing information about share market through his YouTube channel. He assuring good returns on investment.
“Four persons from Pune have approached us and complained about the accused,” he said.
According to preliminary investigations, Jain and his syndicate operated an elaborate online scam racket, which targeted people who are ready to invest in the share market for good returns. For this purpose, he has set up a company to lure victims.
The police believe that the arrested individual was a key member of the syndicate, responsible for orchestrating numerous fraudulent activities online. Initial estimates suggest that his unlawful operations may have resulted in losses amounting to several crores of rupees.
Meenal Patil, senior inspector, cyber police station, has commended the efforts of the cyber crime investigation cell in cracking the case. She highlighted the importance of collaboration between police, cybercrime experts, and technology companies in combating this modern-day menace.
Patil emphasised the need for public awareness regarding cybercrime, urging citizens to remain vigilant while conducting online transactions, and promptly report any suspicious activities to the police.