The North Cyber Police have arrested three Pune-based men for allegedly cheating a Borivli-based businessman of '48.50 lakh by luring him into fake share market investment schemes promising high returns. According to the police, the accused were engaged in different businesses but joined a cyber fraud syndicate in search of easy money and part-time income. They allegedly provided bank accounts to route the cheated money and earned commissions in return.

The complainant, a 43-year-old businessman working as an executive officer at the Diamond Market in BKC, received a phone call in October 2025 from an unknown woman identifying herself as “Riya”. She claimed to be associated with brokers registered with the Securities and Exchange Board of India and persuaded him to join a WhatsApp group titled Daily Recommendations 602. The group regularly shared stock tips, IPO updates, QIB investment options, and screenshots showing purported profits.