Daijiworld Media Network - Panaji

Panaji, Jul 7: The Cyber Crime Police have arrested a 45-year-old man from Maharashtra, Sanjay M. Chavan, for allegedly defrauding a resident of Salcete, Goa, of ?2.45 crore by posing as a stock market broker and offering false promises of high investment returns.

According to officials, Chavan lured the victim into joining a WhatsApp group that promoted stock trading schemes. Over time, the victim was convinced to make multiple large investments, hoping for substantial profits.

“The accused posed as a stockbroker and promised lucrative returns. The victim ended up transferring ?2.45 crore in phases,” said a police official.

Investigators traced the money trail and discovered that ?13.5 lakh was deposited directly into Chavan’s bank account. He was arrested on July 6, and police are probing further to uncover the full extent of the racket.

A case has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Authorities have not ruled out the involvement of additional suspects and said the investigation is ongoing.