India, July 2 -- The cyber cell of the Pimpri-Chinchwad police busted a share market fraud, arresting five persons for collecting mule bank accounts, depositing fraud money into these accounts, withdrawing fraud money, and investing the same in cryptocurrency.

The accused have been identified as Sharad Dilip Saraf, 48; Suraj Tatyaram Saykar, 28; Sanket Sandeep Nahwale, 24; Nagesh Narsinhrao Ganage, 28 (all from Hadapsar); and Yogiraj Kisan Jadhav, 29 (from Phaltan in Satara district). Saraf and Saykar used to run a software development firm but fell into crime due to poor response.

Posing as representatives of one Ali Express trading platform, the accused duped an information technology (IT) professional by promising him 15% returns on ...