Online Scam: The Mumbai police have cracked down on a case of online share trading fraud, arresting two individuals linked to the scam that saw a software engineer and his family members lose a staggering Rs 5.14 crore, according to an official statement on Friday.

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Authorities took into custody a tuition teacher and a security guard on Wednesday, alleging their involvement in facilitating financial transactions for cyber fraudsters through bank accounts, the official disclosed.

The scam surfaced after a software engineer residing in Sakinaka, a suburb in Mumbai's western region, approached the cyber police of the Mumbai crime branch in April with a complaint, detailing his ordeal.

According to the complainant, he became a member of a WhatsApp group dedicated to online share trading in January. Subsequently, he expressed interest in investing, leading to a call instructing him to undergo training.

Following the instructions, the engineer downloaded an application, creating a virtual account. He then began investing money, yielding profits. Encouraged by his success, his family members also joined in, collectively transferring Rs 5.14 crore to various bank accounts within two months, the official stated.

Despite the virtual account reflecting a profit of Rs 87.85 crore, the victims were unable to withdraw the sum, raising suspicions.

During the investigation, the police scrutinised the bank accounts involved and traced one account to Hampreetsingh Randhwa, a 34-year-old security guard residing in Virar.

Randhwa revealed that Vimalprakash Gupta, a 45-year-old tuition teacher, had facilitated the scam by providing him with a bank account, which was utilised by cyber fraudsters for financial transactions.

Gupta was subsequently apprehended from Goregaon. Investigations have uncovered Gupta's connection with cyber fraudsters through the Telegram app. Allegedly, he was enticed with money in exchange for facilitating the acquisition of bank accounts for illicit financial activities, the official concluded.