Team Goemkarponn
RIBANDAR: The Cyber Crime Police Station in Ribandar, Goa, has arrested a man in connection with a ₹2.45 crore online investment fraud, in which a Salcete resident was duped by fraudsters posing as stock brokers.
According to police, the accused, identified as Sanjay M. Chavan, 45, from Maharashtra, is one of the first-layer account holders in whose bank account ₹13.5 lakh of the defrauded money was deposited.
He was arrested on July 6, 2025, after a detailed financial investigation.
The case, registered under FIR No. 20/2025, involves sections 318(4), 319(2) read with 3(5) of the Bharatiya Nyaya Sanhita (BNS) and Section 66D of the Information Technology Act. Police said the accused, along with others yet to be traced, created a fake identity as representatives of the firm “Nuvama Wealth and Investment” and added the victim to a WhatsApp group under the pretense of offering stock market investment advice.
Believing the group to be genuine, the victim was manipulated into transferring ₹2.45 crore to multiple accounts over a period of time, lured by promises of high returns.
The arrest was made by a team led by PSI Mandar Gaonkar Dessai, PC Viraj Narvekar, and PC Akshay Prabhu Verlekar, under the supervision of PI Deepak Pednekar. The investigation is being overseen by ASP Cyber Crime Akshat Ayush and SP Cyber Crime Rahul Gupta, IPS.
Authorities say more suspects are involved and efforts are underway to identify and apprehend them.
The Goa Police has urged citizens to exercise extreme caution when engaging in online investments and to report any suspicious activity to the Cyber Crime Police Station.
