Gujarat CID Cracks Down on Massive Stock Market Cyber Fraud
The Gujarat CID Crime's Cyber Centre of Excellence has made a significant breakthrough in a major cyber fraud case. Authorities have arrested four individuals for their alleged involvement in a large-scale scam that targeted investors across several states. The fraudsters reportedly promised high returns from stock market investments to lure their victims.
How the Elaborate Scam Operated
According to police officials, the criminal syndicate contacted potential victims through WhatsApp messages. The accused posed as representatives of a legitimate brokerage firm to gain trust. They added targets to WhatsApp groups where they shared fabricated success stories and manipulated profit screenshots. This carefully crafted deception helped establish credibility among unsuspecting investors.
Once trust was established, the fraudsters persuaded victims to download a specific application called 'Rockcreek'. They instructed users to register on the platform and begin trading by transferring funds to multiple bank accounts controlled by the gang. The application displayed inflated profits in users' digital wallets, creating a false sense of successful investment.
The Trap Springs Shut
The scheme unraveled when victims attempted to withdraw their supposed earnings. The application would show withdrawal requests as "under process" indefinitely. Fraudsters then claimed regulatory authorities had frozen the accounts due to investigations. They demanded additional payments under various pretexts including margin money and processing charges.
After extracting substantial sums from victims, the criminals abruptly shut down the application and severed all communication channels. In one particularly devastating case, a complainant and his daughter allegedly lost Rs 3.90 crore to this sophisticated scam.
Investigation and Arrests
Police investigators employed multiple techniques to track down the suspects. Detailed analysis of bank transactions, mobile data records, and tower dumps helped authorities trace the live locations of the accused. This led to coordinated arrests in Tharad and Bharuch areas of Gujarat.
The arrested individuals have been identified as Rama Lalji Pandya, Darshankumar Haresh Purohit, Amarat Hamir Joshi, and Radhuram Bhura Pandav. All four are residents of Banaskantha district. Police revealed that these men served as bank account suppliers and operators for the cyber syndicate. They opened accounts under business names like Darshan Parlour and various individuals, then routed fraud proceeds through these accounts in exchange for commissions.
Scale of the Fraud Network
During their investigation, police uncovered details of 126 bank accounts allegedly used in cyber fraud activities. Checks on national complaint portals revealed startling connections. At least 30 separate complaints linked to a single account involved losses totaling Rs 11.83 crore. The wider criminal network connected to hundreds of cases across multiple states including Gujarat, Maharashtra, Karnataka, Tamil Nadu, Delhi, and Uttar Pradesh.
Authorities have confirmed that the syndicate faces connections to over 428 complaints nationwide. The total estimated losses exceed Rs 460 crore, making this one of the substantial cyber fraud operations uncovered recently.
Evidence Recovery and Ongoing Investigation
Police have seized significant evidence including nine mobile phones, two laptops, thirteen cheque books and passbooks, and seven debit cards. The investigation continues actively as authorities work to identify other members of what appears to be an interstate and potentially international criminal syndicate. Forensic analysis of recovered devices and financial records is expected to reveal further connections and possibly lead to more arrests.
The Gujarat CID's Cyber Centre of Excellence has emphasized that this case highlights the sophisticated methods employed by cyber criminals targeting investors. They advise citizens to exercise extreme caution when approached with unsolicited investment opportunities, particularly those promising unusually high returns with minimal risk.
