Another accused has been arrested by the police in relation to a 3 crore stock market fraud case, in which a doctor had been cheated into believing that he (doctor) would get unusually high returns. Mohit Patel, the accused was caught in the joint operation of the cyber cell and the crime branch. His arrest has increased the number of the accused who have been arrested to three.
Investigators found that the name of Patel came up as suspects who had been arrested in the past, Sanskar Kesharwani and Saurabh Vishwakarma, were being interrogated. The three are said to have enticed the victim with promises of returns of up to 500 percent on investments in the stock market which is a common trick in financial frauds to win the confidence of a person and get him to part with huge amounts of money.
The accused had planned the fraud by opening a current account with Yes Bank where he deposited his money which was transferred to cyber fraudsters who offered him high commissions, according to police. This account was allegedly used to transfer and draw the defrauded funds thus a very important connection in the operation.
Officials also said that Mohit Patel assisted in the preparation of documents of Gumasta registration, MSME certifications, and income tax returns, which could have assisted him in facilitating frauds. His history of participation in cheating cases is a history and it is more worrying on his participation in organised cyber fraud networks.
The police officials attested that investigation is ongoing to establish the magnitude of the scam and other possible accomplices. The case points to the increasing dangers of investment fraud and the necessity of raising awareness of the population when handling financial offers that promise excessively high returns.