A college student in Mumbai has been arrested for allegedly defrauding a 73-year-old man of nearly ₹3 crore in an investment scam. The North Region Cyber Police apprehended the student, who, along with accomplices, posed as a former chairman of the Bombay Stock Exchange (BSE) to gain the victim’s trust. This case underscores the increasing involvement of young individuals in sophisticated cyber and financial crimes. Investigations are ongoing to identify additional accomplices and uncover the full extent of the scam.

In a separate incident, three men were arrested in Mumbai for allegedly defrauding a 21-year-old college student of ₹52 lakh through a fake stock market investment scheme. The accused provided their bank account details to key cyber fraudsters who orchestrated the scam.

These cases highlight the growing trend of cybercriminals targeting both the elderly and the youth, exploiting trust and the allure of high returns.

Sources