The Pimpri-Chinchwad cyber police have successfully exposed a major cyber fraud operation that involved individuals from Dubai. The police have arrested two suspects in connection with a fraud amounting to Rs 66 lakh. The fraud was carried out through fake bank accounts and false investment promises.
Details of the Scam
The scam was executed by a bogus organization named the International Youth Development Foundation (IYDF). They lured the victim into investing in various financial products, including fixed income, equities, hybrid assets, and bonds. The fraud promised a daily return of 1% on investments through a fraudulent app called ‘Wealth On Go.’ To build trust, the scammers initially provided small returns. Eventually, they defrauded the victim of Rs 66,63,319 through multiple fake bank accounts.
Arrest of the Fraudsters
According to Deputy Commissioner of Police Sandeep Doiphode, the fraud operation was traced back to Dubai. The mastermind, Narendra Shishram Singh, was operating from there. The police conducted a thorough investigation, which led them to uncover suspicious transactions. These transactions were linked to a Kotak Mahindra Bank account registered under a fake name.
During the investigation, Police Sub Inspector Vaibhav Patil and police personnel Deepak Mane identified the fake bank account. This account had been set up by Amit Sunil Kumar Keswani from Kolhapur. They later arrested Keswani, who revealed that he had handed over the account to Kamal Bhajan Tejwani (Kolhapur), who was also involved in the operation.
Uncovering the Dubai Connection
Further investigation revealed that Narendra Singh had flown back to India two days before his arrest and was residing in Kolhapur. He admitted to operating the fraudulent Indian bank accounts from Dubai and running the scam with his accomplices, including Vicky, Sandeep, and Sunil, who are still at large.
A team led by Assistant Inspector Pravin Swami and Sub-Inspector Vaibhav Patil conducted an extensive search across 50 locations in Kolhapur, leading to Singh’s arrest. Furthermore, Singh confessed to acquiring 20 Indian bank accounts, including the Kotak account, from Keswani, and selling them to others involved in the scam.
Investigation and Next Steps
The police have confirmed that Kamal Tejwani and Narendra Singh played key roles in running the cyber fraud. The investigation is ongoing, and the police are working to determine the total number of accounts involved in the operation and the complete amount defrauded from victims. They are also trying to track down other accomplices and expand their probe into the full extent of the cybercrime.
The operation was conducted under the guidance of Assistant Commissioner of Police Dr Vishal Hire, with contributions from Police Inspector Ravikiran Nale, Assistant Inspector Pravin Swami, Sub-Inspectors Sagar Poman and Vaibhav Patil, and the entire investigative team.
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