India, June 12 -- Two frauds with 10 cases of cybercrimes across Maharashtra and other states were recently arrested for a Rs.4.71 crore online investment fraud in Vashi. The accused, identified as Vikas Prakash Gawhane, 27, an estate agent from Karanjade, and Manoj Vishnu Kalapad, 22, a BA student from Malegaon, are remanded in judicial custody on Wednesday.

According to the Cyber police, the two men lured a 70-year-old retired government officer into investing in fake IPO and index trading schemes by promising high returns. The victim was contacted through WhatsApp and asked to download a fraudulent mobile application to facilitate transactions, said a police officer.

Between November 2024 and March 2025, they persuaded the victim to ...