Cyber Police Crack Down on FinTech Fraud: Six Arrested for Fake Investment Schemes Using S. Ravi’s Name on WhatsApp

Cyber Police Crack Down on FinTech Fraud Using S. Ravi’s Name
Cyber Police Bust WhatsApp Scam Exploiting S. Ravi’s Name

In a major cybercrime crackdown, the Pimpri-Chinchwad Cyber Police have arrested six individuals, including an employee of fintech firm Air pay, for their involvement in a multi-crore online fraud racket. The accused exploited fintech platforms such as Instant Pay, Air pay, and Spice money to dupe victims with fraudulent investment schemes.

How the Scam Operated

The fraudsters managed WhatsApp groups named Wealth Knowledge Group and VIP Service Group 422, where they posed as financial experts to lure unsuspecting investors. The group admins, Arya Anand and S. Ravi, deceived victims into investing in a fraudulent app called Ad-bir Capable, promising high returns.

Victims were instructed to transfer money to specific bank accounts under the pretense of stock trading. Once the funds were received, the scammers vanished, leaving investors at a total loss. One complainant alone reported losing ₹2.8 lakh.

Key Arrests and Investigation

A thorough police probe traced the fraudulent transactions to an IDBI Bank account linked to Infinity Enterprises in Panvel. Further analysis revealed large sums were funneled into AU Small Finance Bank and Axis Bank accounts under Siddhi Telecom.

Among those arrested, Naresh Sujaram Chaudhary admitted to cashing out significant amounts for a prime accused named Nathu in exchange for a commission. Another accused, Jilani Jani Sheikh, confessed to handling ₹80 lakh in cash withdrawals linked to the scam.

Who Are the Arrested Accused?

The six individuals apprehended in connection with the fraud include:

  • Naresh Sujaram Chaudhary – Xerox shop owner, Mumbai

  • Jilani Jani Sheikh – Fabrication business, Mumbai

  • Amit Sahu – Online money transfer operator, Uran

  • Irfan Khalil Sheikh – Online money transfer operator, Panvel

  • Kiran Vasudev Jethnani – Clothing and money transfer business, Panvel

  • Makarand Sanjeev Vilegaonkar – Area Sales Manager, Airpay, Panvel

Legal Action and Further Investigation

The Pimpri-Chinchwad Cyber Police have booked the accused under:

  • Sections 316(2), 318(4), and 3(5) of the Bharatiya Nyaya Sanhita (BNS)

  • Sections 66C and 66D of the Information Technology Act, 2000

Authorities continue to investigate additional bank accounts and potential links to other cyber fraud networks.

Police Advisory: Beware of Online Scams

Officials urge citizens to remain vigilant while engaging in online financial transactions. Fraudsters often misuse KYC documents to open fraudulent accounts. Residents are advised to verify fintech services and report any suspicious activities to help prevent cyber fraud.

Investigation Team

This operation was led by:

  • Vinaykumar Chaubey – Commissioner of Police, Pimpri-Chinchwad

  • Dr. Shashikant Mahavarkar – Joint Commissioner of Police

  • Vasant Pardeshi – Additional Commissioner of Police

  • Sandeep Doifode – Deputy Commissioner of Police (Crime)

  • Dr. Vishal Hire – Assistant Commissioner of Police (Crime-1)

The arrests were executed by Inspector Ravikiran Nale and his cybercrime investigation team.

Stay Safe from Cyber Fraud!

The Cyber Police Department urges residents to avoid unauthorized investment schemes, verify online financial services, and report cyber fraud immediately.

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