Gujarat Cyber Cell Cracks Down on Multi-Crore Stock Market Fraud Ring
The Cyber Excellence Cell based in Gandhinagar has made a significant breakthrough. Officers arrested two key members of an organized cyberfraud gang operating from Ahmedabad. This gang stands accused of cheating investors out of more than Rs 8 crore. They used deceptive promises of high stock market returns to lure their victims.
How the Elaborate Scam Operated
Investigators detailed the gang's sophisticated method. First, they added potential victims to WhatsApp groups. In these groups, they presented themselves as exclusive investment consultants for a company called "Premji Invest". They falsely claimed this entity was registered with SEBI, India's market regulator, to appear legitimate.
The fraudsters then persuaded targets to download specific links and applications. On these platforms, victims saw completely fabricated KYC processes and trading interfaces. The gang promised substantial profits through share trading, IPOs, and block deals. To build false confidence, they showed inflated profits on the application dashboards.
Once trust was established, the scammers instructed victims to deposit money into various bank accounts. In one documented case, a complainant invested a staggering Rs 2.32 crore based on these fake assurances. When that investor later tried to withdraw the principal amount along with the promised profits, the gang refused. Instead, they sent forged SEBI certificates and other fake documents to delay and mislead the victim further. The entire operation was a planned criminal conspiracy designed solely to siphon off money.
Tracking and Arresting the Accused
After the case was officially registered, the Cyber Excellence Cell launched a detailed probe. Their analysis covered bank account transactions, mobile number records, and tower dump data. Using live location tracking techniques, a dedicated team traced the suspects to Ahmedabad and successfully apprehended them.
The investigation uncovered a crucial detail. The accused had opened bank accounts under the name Radhe Automobile. They used these accounts as the primary channel to route the fraudulently obtained money.
Nationwide Web of Deception
Authorities verified the accounts on national coordination portals like the NCCRP. This check revealed the accounts were linked to at least 22 separate complaints filed across multiple states. The geographic spread of the fraud was extensive:
- One complaint in Gujarat
- Two complaints each in Karnataka, Telangana, and West Bengal
- Eight complaints in Maharashtra
- Four complaints in Uttar Pradesh
- One complaint each in Kerala, Tamil Nadu, and Madhya Pradesh
The total financial amount involved in these interconnected cases is estimated at a massive Rs 8.45 crore.
Further Links to Interstate and International Syndicates
Ongoing investigation has revealed more layers to this scam. Police found that the accused would hand over control of the bank accounts, often based in Delhi, to other entities. From these accounts, funds were transferred through commission-based channels. This money ultimately reached larger cyber syndicates that operate across state borders and even internationally.
The arrest in Ahmedabad marks a critical step in dismantling this network. It highlights the persistent efforts of cyber cells to track and prosecute organized financial fraud targeting Indian investors.
