Mumbai: A college-goer was arrested by North Region Cyber Police in connection with a case where a 73-year-old man was duped of nearly Rs 3 crore in an investment scam. One of the fraudsters had told the complainant that he was a former chairman with the Bombay Stock Exchange (BSE). The student, Dhiraj More, was arrested from Bandra on May 20. Police said More’s task was to find people who would open bank accounts in their name and then hand over all account-related documents to him for a commission. These documents and account-related information was passed on by More to the other fraudsters. Police are looking for his associates. The complainant worked as a chemicals consultant. On Dec 16, 2024, he received a WhatsApp text from a group called Future Outlook. On opening the text, his phone number got added to the group. One of the admins of the group introduced herself as Aarya Anand. She said that a former chairman of BSE was a co-admin of the group. She added that they ran an OTC (over-the-counter) platform, which involves participants dealing directly with one another without a central exchange.In the days that followed, the complainant received documents on the letterhead of the OTC platform and a link to download a trading app. A video call was made by the fraudsters to verify his Pan card details and he was convinced of their authenticity.Subsequently, Anand adviced the complainant to sell his demat shares and invest his money via the OTC platform to earn handsome profits. Initially, he invested Rs 20000 and earned a profit of Rs 2864 which he was able to withdraw. Between Dec 2024 and Jan 2025, he invested Rs 2.9 crore. The OTC app showed he had made a profit of Rs 25 crore. Overjoyed, he decided to withdraw Rs 2.9 crore from it. But he was asked to pay up Rs 8 lakh to initiate a withdrawal. Despite paying up, he could never withdraw a penny and eventually dialled the ‘1930′ cybercrime helpline with a complaint. An FIR was registered on May 3. A police team supervised by DCP Datta Nalawade and comprising inspectors Sudhakar Humbe and Kiran Aher made the arrest. Mumbai: A college-goer was arrested by North Region Cyber Police in connection with a case where a 73-year-old man was duped of nearly Rs 3 crore in an investment scam. One of the fraudsters had told the complainant that he was a former chairman with the Bombay Stock Exchange (BSE). The student, Dhiraj More, was arrested from Bandra on May 20. Police said More’s task was to find people who would open bank accounts in their name and then hand over all account-related documents to him for a commission. These documents and account-related information was passed on by More to the other fraudsters. Police are looking for his associates. The complainant worked as a chemicals consultant. On Dec 16, 2024, he received a WhatsApp text from a group called Future Outlook. On opening the text, his phone number got added to the group. One of the admins of the group introduced herself as Aarya Anand. She said that a former chairman of BSE was a co-admin of the group. She added that they ran an OTC (over-the-counter) platform, which involves participants dealing directly with one another without a central exchange.In the days that followed, the complainant received documents on the letterhead of the OTC platform and a link to download a trading app. A video call was made by the fraudsters to verify his Pan card details and he was convinced of their authenticity.Subsequently, Anand adviced the complainant to sell his demat shares and invest his money via the OTC platform to earn handsome profits. Initially, he invested Rs 20000 and earned a profit of Rs 2864 which he was able to withdraw. Between Dec 2024 and Jan 2025, he invested Rs 2.9 crore. The OTC app showed he had made a profit of Rs 25 crore. Overjoyed, he decided to withdraw Rs 2.9 crore from it. But he was asked to pay up Rs 8 lakh to initiate a withdrawal. Despite paying up, he could never withdraw a penny and eventually dialled the ‘1930′ cybercrime helpline with a complaint. An FIR was registered on May 3. A police team supervised by DCP Datta Nalawade and comprising inspectors Sudhakar Humbe and Kiran Aher made the arrest.