The Navi Mumbai Cyber Police have arrested two individuals for their role in a sophisticated ₹3 crore online trading scam that defrauded victims through fake investment platforms posing as legitimate brokerage firms. The accused—Tushar Salunkhe (31) and Mukesh Kumar (34)—used fraudulent apps, forged branding, and high-return promises to deceive investors.
In the first case, a man from Nerul transferred ₹2.21 crore over two months into multiple accounts after being convinced to invest via fake trading apps named BSFLMAX and UPINSTITON, falsely linked to Bajaj Financial Securities Limited and UPSTOX. A second victim lost ₹78.63 lakh in an identical scam involving the same platforms.
Scam network operated across states
Police investigation revealed that the duo was part of a larger cybercriminal ring believed to be operating out of Rajasthan. Mukesh Kumar acted as a middleman, while Tushar Salunkhe allegedly allowed his bank account to be used for receiving the fraudulent transfers.
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The fraud was meticulously executed using forged documents, phony dashboards showing fake profits, and pressure tactics that led victims to believe they were about to reap high returns. When withdrawal requests were denied, victims realised they had been cheated and filed complaints under the Bharatiya Nyaya Sanhita (BNS) and the IT Act.
₹46 lakh recovered; hunt for mastermind underway
Thanks to swift forensic and digital tracking, police have managed to freeze ₹46 lakh across various accounts. ACP Ajay Landge and PI Vishal Patil confirmed the ongoing investigation is focused on apprehending the kingpin, believed to be controlling operations remotely.
Citizens have been urged to verify the authenticity of trading apps before making investments, and to report any suspicious activity immediately. The case is the latest in a growing wave of financial cybercrime exploiting the trust in digital investment platforms and the appetite for high returns.
