₹11.13 cr stock fraud busted; 8 held

Accused were identified as Abhay Balasaheb Patil from Kolhapur, Shivtej Rajendra Pote from Wagholi, Mahesh Karbassapap Udchane and Rahul Bahadurprasad Maurya from Dahisar East Mumbai, Yuvraj alias Santosh Satish Mudliyar from Lohegaon, Pankaj Mangu Girigosavi and Prahlad Pruthviraj Gadari from Rajasthan. On Friday morning, their accomplice was held from Rajasthan. The incident was reported between November 4, 2025 and January 31, 2026. According to the police, 61-year-old Pralhad Hage, a retired private-sector employee from Nigdi Pradhikaran, was allegedly duped by the accused by promising unusually high profits through investments in shares and Initial Public Offerings (IPOs). He transferred ₹11,13,00,000 via 52 transactions to various bank accounts provided by the accused. Based on a complaint, the cyber police registered a case under relevant sections of the Information Technology Act, 2008 (Sections 66C and 66D) and other provisions of the law. Police traced several bank transactions used in the fraud. One of the accounts, held in the name of Ganga Sai Textile, was linked to a private bank account which had received funds from victims. Technical analysis of financial trails led investigators to arrest Abhay. He confessed to using around 15 to 20 bank accounts to route and withdraw money collected from investors. Ravikiran Nale, senior inspector, Pimpri-Chinchwad cyber cell police said, “Accused handed over their bank accounts to the middle operator by offering certain changes and based on which these accounts were used in cyber crimes.” Further investigation led police teams to Rajasthan, and others were held. Police have so far frozen or recovered around ₹1.80 crore from the accounts used in the fraud.