Maharashtra
Money mule held from Satara
The fraudsters convinced her to join a WhatsApp group and invest money
Cyber police achieve breakthrough in Rs 1.40-cr digital fraud case
Achieving a breakthrough in a Rs 1.40-crore online investment fraud, Pune Cyber Police arrested a suspect from Satara after tracing part of the defrauded amount to his bank account.
The arrested accused has been identified as Sushant Hanumant Nikam (38), a resident of Apshinge in Satara.
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TMZ
According to the information, the case involves a complainant who was allegedly duped through a fake share trading platform named ‘Tycoon Coin,’ which promised high returns on investments. Lured by these claims, the victim was persuaded over time to transfer money into multiple bank accounts under the pretext of trading and investment. No returns were ever received. By the time he realised the fraud, it was already too late. In total, the victim lost Rs 1,40,16,315 in the fraud.
During the investigation, cyber police tracked the financial trail and found that Rs 1 lakh from the fraud amount had been credited to an IDBI Bank account. Further technical analysis of banking transactions and digital inputs led investigators to Satara.
A team led by Police Sub-Inspector Sushil Damre travelled to the district and, using mobile and transaction analysis, located and detained the account holder. A mobile phone has been seized from the suspect, and its data is currently being analysed to gather further evidence and identify possible links to other members of the fraud network.
Police officials said that Nikam is suspected to have acted as a “money mule”, allowing his bank account to be used for routing illegally obtained funds. Investigators are examining whether he was knowingly involved in the fraud or operating under instructions from the main accused. Authorities are also checking if the same account has been used in other cybercrime cases.
The operation was carried out under the guidance of Deputy Commissioner of Police Vivek Masal and Assistant Commissioner of Police Shubhada Sankhye, and supervised by Senior Police Inspector Swapnali Shinde and Police Inspector Sangeeta Devkate.
The arrest was executed by a team comprising PSI Sushil Damre, along with police personnel Sandesh Karne, Pravin Singh Rajput, Rajudas Chavan, Amar Bansode, Satish Mandhre, Sheetal Dange, Aniket Bhingare, and Sachin Shinde.
Police officials have noted a rise in such fraud cases, particularly those involving fake trading applications and promises of high returns. Cybercriminals often use multiple bank accounts to move funds quickly, making detection more complex.
Citizens have been advised to verify the authenticity of investment platforms and avoid transferring money based on unsolicited offers or unrealistic return promises.
Further investigation is underway to trace the remaining amount and identify other accused involved in the fraud.
Achieving a breakthrough in a Rs 1.40-crore online investment fraud, Pune Cyber Police arrested a suspect from Satara after tracing part of the defrauded amount to his bank account.
The arrested accused has been identified as Sushant Hanumant Nikam (38), a resident of Apshinge in Satara.
See All The Stars At Anna Wintour's Pre-Met Gala Dinner Party!
TMZ
According to the information, the case involves a complainant who was allegedly duped through a fake share trading platform named ‘Tycoon Coin,’ which promised high returns on investments. Lured by these claims, the victim was persuaded over time to transfer money into multiple bank accounts under the pretext of trading and investment. No returns were ever received. By the time he realised the fraud, it was already too late. In total, the victim lost Rs 1,40,16,315 in the fraud.
During the investigation, cyber police tracked the financial trail and found that Rs 1 lakh from the fraud amount had been credited to an IDBI Bank account. Further technical analysis of banking transactions and digital inputs led investigators to Satara.
A team led by Police Sub-Inspector Sushil Damre travelled to the district and, using mobile and transaction analysis, located and detained the account holder. A mobile phone has been seized from the suspect, and its data is currently being analysed to gather further evidence and identify possible links to other members of the fraud network.
Police officials said that Nikam is suspected to have acted as a “money mule”, allowing his bank account to be used for routing illegally obtained funds. Investigators are examining whether he was knowingly involved in the fraud or operating under instructions from the main accused. Authorities are also checking if the same account has been used in other cybercrime cases.
The operation was carried out under the guidance of Deputy Commissioner of Police Vivek Masal and Assistant Commissioner of Police Shubhada Sankhye, and supervised by Senior Police Inspector Swapnali Shinde and Police Inspector Sangeeta Devkate.
The arrest was executed by a team comprising PSI Sushil Damre, along with police personnel Sandesh Karne, Pravin Singh Rajput, Rajudas Chavan, Amar Bansode, Satish Mandhre, Sheetal Dange, Aniket Bhingare, and Sachin Shinde.
Police officials have noted a rise in such fraud cases, particularly those involving fake trading applications and promises of high returns. Cybercriminals often use multiple bank accounts to move funds quickly, making detection more complex.
Citizens have been advised to verify the authenticity of investment platforms and avoid transferring money based on unsolicited offers or unrealistic return promises.
Further investigation is underway to trace the remaining amount and identify other accused involved in the fraud.