Gujarat Police Nab Two in Major Online Investment Scam
The Cyber Excellence Centre of the Gujarat police made a significant breakthrough on Tuesday. Officers arrested two men from Unjha in Mehsana district. The arrests connect directly to a sophisticated investment fraud operation.
Victims in this case lost approximately Rs 27 crore. Fraudsters used fake online trading platforms to execute the elaborate scam.
How the Fraud Unfolded
Police registered the case about two months ago. A victim filed a formal complaint after falling prey to the scheme. Unknown individuals first contacted the complainant on WhatsApp.
The fraudsters then shared a link to a fake website. This site posed as a legitimate financial services company. They enticed the victim to invest in the stock market through this platform.
The victim registered on the deceptive site. Persuasion followed for an initial investment of $500.
Building False Trust and Escalating Demands
To build credibility, the accused showed a virtual profit of $101 on the platform. They even permitted a partial withdrawal of Rs 43,500. This tactic successfully gained the victim's confidence.
Once trust was established, the gang's demands escalated. They began asking for additional payments under various pretexts. These included charges and commissions.
Between August 7 and October 7 last year, the complainant transferred money repeatedly. The total amount reached a staggering Rs 26.66 crore. Funds went to multiple bank accounts provided by the accused.
The Role of the Arrested Men
Investigators identified the two arrested men as key facilitators. Large sums of money flowed into their personal bank accounts. The accused then withdrew these funds through cheques.
Police stated that the money traveled further through complex channels. Funds moved to interstate and international cybercrime syndicates. Angadiya and hawala networks facilitated this movement. The arrested men allegedly retained a commission for their role in the process.
One of the accused operates as a proprietor of a trading firm. Bank accounts linked to him showed transactions exceeding Rs 1.27 crore connected to the scam.
The second accused runs another enterprise. His accounts allegedly received more than Rs 63 lakh from the fraudulent operation.
Wider Network and National Impact
Examination of the suspects' mobile phones revealed crucial details. Police found information on at least 12 different bank accounts used in the operation.
Checks on the National Cyber Crime Reporting Portal uncovered a much larger network. These accounts linked to over 128 complaints and FIRs across India. The cumulative amount involved in these cases reached nearly Rs 87.84 crore.
Ongoing Investigation and Seizures
During the operation, police seized important evidence. Officers confiscated two mobile phones and several bank cheque books from the accused.
Further investigation remains actively underway. Police aim to identify other individuals involved in the extensive racket. Authorities continue working to trace the complete money trail and recover stolen funds.
