Mumbai, Apr 29 (PTI) Mumbai Police have arrested three cyber fraudsters, including their handler, from Bandra for allegedly duping investors of crores of rupees under the false promise of high returns from share trading, an official said on Tuesday.

The probe revealed that 28 more cases had been registered against the same individuals, involving investor losses amounting to Rs 18 crore across various states, the official added.

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The fraud was exposed after a 49-year-old resident of Goregaon lodged a complaint at the North Region Cyber Police Station on April 22, stating he had been cheated of Rs 2.77 crore.

According to the complainant, he was added to a WhatsApp group created by an unidentified person. The group's admin and several members were sharing information about stock market investments.

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After the complainant expressed interest in investing, the fraudsters sent him a link and instructed him to download the IIFL Markets app, police said.

Using the app, he transferred funds to several bank accounts provided by the fraudsters. One of the accounts, under the name Rudra Enterprises and held with a private bank, was deposited with Rs 71.22 lakh.

During the investigation, cyber police officials tracked down the account holder and his operator in Bandra. The accused were identified as Rishabh Shirodkar (38), Krishna Arun Gawali (24), and Sohail Shaikh alias Jack (20).

According to officials, Shirodkar's bank accounts were used by Gawali to deposit the investors' money. Gawali then shared all account details with Sohail, who was responsible for withdrawing the funds.

These bank accounts were reportedly used in at least 28 fraud cases involving deposits totaling Rs 18 crore.

A probe into the case is ongoing.

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