Panaji: Goa Cyber Crime police have arrested two men from Pune, Maharashtra, in connection with an alleged fake online share investment fraud involving Rs 39.01 lakh, and secured Rs 23.12 lakh of the complainant’s defrauded money, police said on Sunday.
The accused, identified as Sagar Prakash Dholvi and Ajinkya Ravindra Abhang, were arrested in separate operations carried out in Maharashtra following a detailed investigation into the cyber fraud registered on October 3, 2026.
According to Superintendent of Police, Cyber Crime, Jivba Dalvi, the case was registered under Sections 318(4), 319(2) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS) and Section 66-D of the Information Technology Act, based on a complaint filed by a 60-year-old resident of Porvorim.
The complainant alleged that between August 21 and September 28, 2026, unidentified fraudsters contacted him through WhatsApp using different mobile phone numbers and persuaded him to join a purported investment group named ‘A83 DI Wealth Growth Centre’.
The accused allegedly lured the complainant with promises of attractive returns from online share investments. Trusting their claims, the complainant transferred a total of Rs 39,01,047 into multiple bank accounts provided by the fraudsters.
To gain the complainant’s confidence, the accused allegedly displayed fictitious profits through a fraudulent investment application, creating the impression that his investments were generating substantial returns. However, when the complainant attempted to withdraw his invested amount and the purported profits, he was asked to invest additional money. The fraudsters subsequently stopped responding, leading to discovery of the alleged fraud.
During investigation, the Cyber Crime police conducted a detailed analysis of the financial transactions, bank account records and technical evidence to trace the money trail.
The investigation revealed that Rs 10.80 lakh had been transferred to a Kotak Mahindra Bank account belonging to Abhang, while Rs 12 lakh had been transferred to a Bank of India account belonging to Dholvi. Further financial analysis and technical investigation helped the police trace the accused to Pune. A special team from the Goa Cyber Crime police station was subsequently dispatched to the neighbouring state to apprehend them.
The team, headed by Police Sub-Inspector Anil Polekar, arrested Dholvi at Narayangaon in Pune on October 23, while Abhang was apprehended at Alephata on October 24.
Police said the arrests mark a significant breakthrough in identifying the alleged financial network used to channel proceeds of the cyber fraud. The operation also led to the securing of Rs 23.12 lakh of the complainant’s money.
Dalvi urged citizens to exercise caution when dealing with investment offers circulated through WhatsApp, Telegram, Facebook and other social media platforms. He warned that promises of guaranteed or unusually high returns, invitations to join unfamiliar investment groups and trading applications displaying unrealistic profits are common tactics used by cyber fraudsters.
The police advised investors to verify the credentials of investment advisers and trading platforms through official Securities and Exchange Board of India (SEBI) and stock exchange channels. Citizens were also cautioned against transferring money to unknown personal or third-party bank accounts or paying additional charges to withdraw purported profits.
The police further appealed to people to report suspected cyber financial fraud immediately by calling the National Cyber Crime Helpline on 1930 or filing a complaint through the official portal at https://cybercrime.gov.in.
The operation was carried out by PI Chandrakant Gawas, PSI Anil Polekar, head constable Anay Naik and police constable Bhalchandra Naik under the supervision of SP Cyber Crime Jivba Dalvi and Assistant Superintendent of Police Shridevi B V, with guidance from Deputy Inspector General of Police Ved Prakash Surya.
