Police arrest Maha man in Rs 38 lakh stock market scam

Panaji: The cyber crime cell of Goa police arrested Rutik Nikam, 23, a resident of Maharashtra, on Thursday in connection with an alleged stock market scam. An Old Goa resident was cheated of Rs 38 lakh after he was lured into investing in the stock market with the promise of high returns.
SP cyber crime Rahul Gupta said that the accused fraudulently induced a resident of Old Goa to invest in stock market trading through the “FYERS Trading App” and added him to a WhatsApp group named “R1 Group”.
“On the false promise of high returns, the victim was manipulated into transferring Rs 38 lakh into nine different bank accounts,” Gupta said.
“During the financial trail investigation, a layer one account holder, Nikam, in whose bank account Rs 2 lakh was deposited from the complainant under the pretext of high returns, was traced and he was arrested by the cyber crime cell,” Gupta said.
Further investigations revealed that this same bank account was linked to 22 other financial fraud complaints across India with a total reported amount of Rs 11.5 crore.
“More suspects are yet to be traced and arrested. The investigation is in progress with PI Deepak Pednekar. Goa police urge citizens to remain cautious while investing online and to report any suspicious activities to the cyber crime police station,” Gupta said.