Mumbai’s Kandivali Police have arrested two accused from Pune in connection with an alleged ₹8.22 lakh fake investment and IPO allotment scam.

During the investigation, police reportedly uncovered 22 mule bank accounts allegedly linked to 183 cyber fraud complaints across 10 states, indicating that the arrested accused may have been part of a larger organised cybercrime network.

Businessman Lured Through Fake Trading Platform

The arrested accused have been identified as Pratik Kshirsagar, 38, and Dinesh Sankla, 25.

According to investigators, the duo allegedly targeted a Kandivali-based businessman by promising high returns through an online investment platform.

Police said the fraudulent platform showed digital wallets, trading balances and share holdings to create the appearance of genuine trading activity.

Whenever the victim transferred money, the same amount appeared in the digital wallet, making the platform look authentic.

Fake IPO Allotment Used to Demand More Money

Investigators alleged that the accused later told the victim he had been allotted 30,000 IPO shares.

To secure the allotment, the businessman was asked to deposit more than ₹9 lakh.

The victim eventually arranged and transferred ₹8.22 lakh into bank accounts specified by the accused.

Soon after receiving the money, the accused allegedly stopped responding to calls and messages.

Money Trail Leads Police to Pune

Police said the defrauded amount was routed through accounts maintained with Bank of Baroda, Uttar Pradesh Gramin Bank and Yes Bank.

During the money trail analysis, investigators found that around ₹3 lakh had been transferred to the account of a Pune-based firm allegedly linked to Pratik Kshirsagar.

A police team then travelled to Pune, arrested Kshirsagar and recovered electronic devices and documents from his office.

Second Accused Arrested Through Police Trap

During questioning, Kshirsagar allegedly claimed that he worked as a mule account facilitator and received commission for arranging accounts.

He also allegedly disclosed the involvement of Dinesh Sankla.

Investigators then laid a trap by offering Sankla an opportunity to provide more mule accounts.

Sankla was called to Pune on June 27 and arrested when he arrived.

Both accused were later brought to Mumbai for further questioning.

22 Mule Accounts Linked to 183 Cyber Fraud Cases

Searches and technical analysis led police to identify 22 mule bank accounts allegedly connected to cyber fraud cases across multiple states.

According to preliminary findings, these accounts are linked to 183 complaints registered across 10 states.

Investigators suspect the accused acted as agents for a larger cybercrime network by arranging mule accounts and helping route fraud proceeds.

Foreign Link Under Investigation

During questioning, Sankla allegedly claimed that the fraud proceeds were not retained by the accused.

Police are examining allegations that the money was transferred to accounts linked to a China-based entity, while the accused received commission in US dollars.

Investigators are now tracing the final destination of the funds and examining possible international links.

Investment Records Need Strong Verification

Fake IPO and trading scams often use artificial dashboards, wallet balances and fake allotment claims to create investor confidence.

Investors and businesses should maintain proper transaction records, verify investment platforms, reconcile bank transfers and avoid sending money to unrelated accounts.

Professional bookkeeping services in india can help businesses track investments, reconcile bank entries, identify suspicious fund movements and detect financial irregularities before losses become serious.

Conclusion

The Mumbai fake IPO scam highlights how cybercriminals use fake investment platforms and mule accounts to create a convincing financial trap.

Investors should remember that genuine IPO allotments are processed only through authorised brokers, banks and regulated platforms. Any demand for payment through unrelated accounts or private channels should be treated as a major warning sign.

Shunyatax Global Insight

Fake investment frauds succeed because they create a false sense of financial progress through artificial balances, fake share holdings and manipulated IPO allotment claims. Once victims trust the dashboard, they often transfer larger amounts without independently verifying the platform.

Shunyatax Global believes investors and businesses should maintain disciplined financial records, verify every investment account and reconcile transfers against official statements. Professional bookkeeping services in india can help detect suspicious entries, track fund movement and prevent fake investment platforms from hiding behind fabricated digital records.