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Maharashtra: IAS Aspirant Among Three Arrested in Rs 21 Lakh Stock Market Fraud Case

The case came to light when a 39-year-old LIC officer from the western suburbs filed an FIR with the West Region Cyber Crime Polic
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The cyber police (Mumbai) have arrested three individuals, including an IAS aspirant who appeared in the civil services exams twice, for allegedly defrauding an LIC officer of Rs 21 lakh through a fake stock market investment scheme. The accused were identified as Shivam Vishambhar, an auto driver, Devicharan Shetty, a fabricator, and Vijendra Gotwal, the IAS aspirant. All three are residents of Jaipur and were brought to Mumbai on a transit remand.

The case came to light when a 39-year-old LIC officer from the western suburbs filed an FIR with the West Region Cyber Crime Police. She reported being added to a Telegram group named “Firefox Community,” which had 56 participants discussing online share trading. The group administrator, Arun Shaji, introduced her to an alleged employee named Manish Vishwas.

Vishwas convinced the victim to invest in their company’s IPO, promising a 100% profit. She was given access to a virtual account through a link and transferred Rs 20.83 lakh to various bank accounts provided by the accused. The victim observed her virtual account showing a profit of Rs 32.7 lakh. However, when she attempted to withdraw the funds, her requests were denied, and the accused gave evasive responses.

A police team led by Senior Inspector Datta Chavan and Assistant Inspector Dr. Nitin Gacche investigated the case. Sub-Inspector Deepak Tayde and other officers traced the transactions to Vishambhar’s bank account. With the assistance of the bank’s nodal officer, the team apprehended Vishambhar in Jaipur, who then led them to the other accused.

The cyber police emphasized the need for caution when investing in online schemes and warned against falling prey to fraudulent investment opportunities. The investigation into the broader network behind the scam is ongoing.


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