Mumbai: Mumbai Central cyber police have arrested eight people, including six employees of mobile service providers and two traders, in connection with a cyber fraud scheme that cheated scores of people through fraudulent market investments.

The case came to light when a resident of central Mumbai was defrauded ₹51 lakh after being persuaded to invest in the share market through a virtual trading platform. The investigation revealed that the accused illegally ported more than 30,000 SIM cards without proper verification of Know Your Customer (KYC) documents.

According to police officials, the victim, an employee of a private firm, was added to a WhatsApp group called ‘MSFL Chart 33’ where fraudsters circulated stock trading messages to lure potential victims. After expressing interest in May, the victim’s trading account was created via a link upon submission of documents.

The perpetrators provided access to a virtual trading platform interface and directed the victim to deposit funds into various bank accounts in total ₹51.36 lakhs. While the victim saw apparent profits in the fraudulent virtual account, attempts to withdraw funds by selling shares proved futile.

The cyber police investigation, led by Deputy Commissioner Datta Nalawade, traced several mobile numbers active in these WhatsApp groups to West Bengal. A number was traced to the gallery of a mobile service provider in Colaba. “The accused were working in a Vi Company franchise in Colaba and were illegally porting numbers by generating UPC codes without KYC documentation,” explained a cyber police officer.

The arrested individuals include Mahesh Mahadev Kadam, Rohit Kanhaiyalal Yadav, Sagar Pandurang Thakur and Raj Ravinath Arde, all employees of Vi Company DSE reporting to team leader Mahesh Pawar. Additional arrests include Gulabchand Kanhaiya Jaiswar, an Airtel DSE employee, and Colaba traders Usman Ali Mohammad Hejabur Rahman Sheikh and Abubakar Siddiqui Yusuf.

“In the last one year, the accused illegally sold around 30,000 SIM cards to foreign nationals and others without KYC verification,” said Senior Inspector Mausami Patil of the central cyber police station.

Police are advising citizens to exercise caution when investing in stocks, recommending physical checks of company offices and thorough background checks of investment groups. They warn against depositing money in multiple bank accounts and stress the importance of proper biometric procedures when purchasing or porting a SIM card.

Victims of cyber fraud are encouraged to contact the Cyber ​​Helpline at 1930.