The Central Division Cybercrime Police have unearthed a fake stock market investment call centre operating in Jayanagar and arrested two persons for cheating.The arrested accused have been identified as Kumawat Yogesh Amararam, resident of 8th Block, Jayanagar, and a native of Surat, Gujarat, and Imran, resident of BTM 2nd Stage, Bengaluru, and is a native of Delhi.According to the police, the accused had set up a call centre under the name Multiwave Business Solutions Private Ltd. at 9th Block, Jayanagar. They had hired around 15 customer care executives from outside the State who operated from there.The executives allegedly called people, luring them with promises of lucrative profits through stock market investments. Victims were persuaded to transfer money online to bank accounts provided by the accused under the pretext of investment. After receiving the funds, the accused would switch off their mobile phones and become unreachable.During the course of the investigation, police traced the location of the call received by the complainant to BTM Layout. The IMEI number of the mobile phone used in the offence was identified, and the email ID linked to the device was traced to Kumawat Yogesh Amararam. Based on mobile location analysis, police zeroed in on the call centre in Jayanagar and raided the premises, leading to the arrest of the accused.Police seized 31 mobile phones, 13 laptops, 16 SIM cards, letterheads of Multiwave Business Solutions Private Ltd., and sheets containing names and mobile numbers of victims from the premises .During interrogation, the accused reportedly confessed to procuring stock market client data through online sources, arranging bank accounts from other States, and obtaining SIM cards in the names of slum dwellers. The money received from people was allegedly routed through multiple mule accounts and withdrawn through ATMs by associates before being shared among the accused.A case has been registered at the Cyber Crime Police Station under Sections 66(r) of the Information Technology Act and 318(4) of the Bharatiya Nyaya Sanhita (BNS). A further investigation is under way to identify if there are more victims and trace the flow of funds, the police said.Published - February 24, 2026 06:31 pm IST