Nov 7 – The Cybercrime Cell of the Goa Police has arrested a person from Bangalore for allegedly defrauding a resident of Valpoi, Sattari, of Rs 1.03 crore under the pretext of promising high returns on stock investments. The accused, identified as 50-year-old Kumar Utlasar, was apprehended following a complaint filed in October. According to the complaint, several individuals contacted the Valpoi resident through social media using multiple WhatsApp numbers. The complainant was added to a group named “A-33 High-Quality Stocks Exchange Group” and was fraudulently persuaded to invest in upper circuit (UC) and initial public offering (IPO) stocks via the SMIFSMAX app. Under the guise of offering substantial returns, the suspects induced the complainant to deposit Rs 1,03,28,000 through multiple transactions across various bank accounts, employing impersonation and digital communication tactics. The police have confirmed that the arrested accused’s bank account has been linked to cyber fraud activities spanning nine different states in India.
