AHMEDABAD: In a major breakthrough against organised cyber fraud, Gujarat's Surat Cyber Crime Cell has dismantled an interstate investment scam by arresting five alleged members of a gang that cheated a Surat resident of Rs 27.20 lakh by luring him into a fake share market trading scheme.
The accused, operating from Odisha and West Bengal, allegedly used fabricated investment platforms, bogus companies and fraudulent bank accounts to trap unsuspecting investors with promises of extraordinary stock market returns.
The investigation uncovered suspicious financial transactions exceeding Rs 6.53 crore routed through a bank account linked to the accused. Police have also found that the same account has been reported in 149 cyber fraud complaints registered on the National Cyber Crime Reporting Portal (NCCRP) from different parts of the country.
According to investigators, the fraud began when the complainant was added to a WhatsApp group where self-styled investment experts regularly posted stock market tips and success stories. The group administrators projected themselves as professional financial advisors and convinced members that investing through their exclusive platform would generate exceptionally high and assured profits within a short period.
To gain the victim's confidence, the accused allegedly directed him to register on a fake investment website that closely resembled a genuine trading platform. After creating an account, they provided him with a login ID and password, making the platform appear authentic. Believing the scheme to be genuine, the complainant gradually transferred Rs 27.20 lakh in multiple transactions into bank accounts controlled by the fraudsters.
Initially, the fake application displayed inflated profits and increasing investment values, creating an illusion of successful trading. However, when the complainant attempted to withdraw his money, he was denied access to the funds and soon realised that he had fallen victim to an elaborate cyber fraud. He subsequently approached the Surat Cyber Crime Cell.
Tracing the digital and financial trail, investigators discovered that the money had been routed through the bank account of a company identified as RRK PublicBazzar Private Limited.
Further investigation revealed unusually high-value transactions exceeding Rs 6.53 crore within a short span, raising suspicion that the account had been used as a conduit for laundering proceeds of multiple cyber frauds.
Police officials said the account had already been flagged in 149 complaints lodged on the National Cyber Crime Reporting Portal by victims from different states, suggesting that the accused were part of a well-organised interstate cyber crime syndicate targeting investors across India.
As the investigation progressed, Surat Cyber Crime officials tracked the suspects to Odisha with digital evidence, banking records and technical surveillance. A coordinated operation led to the arrest of five accused, allegedly involved in operating the fraudulent network.
Preliminary investigation has revealed that the gang maintained links across Odisha and West Bengal and used multiple identities, shell entities and bank accounts to conceal the flow of money.
Police said the arrested accused are habitual cyber offenders with criminal records in several states. They have previously been booked in cyber fraud cases registered in Karnataka, Bengaluru, Odisha and West Bengal. Investigators are now examining whether the gang has links with larger organised cyber crime networks operating across the country.
Addressing the media, Assistant Commissioner of Police (ACP) Sweta Daniel explained how the fraud was executed.
"The complainant was added to a WhatsApp group where members were promised huge profits through stock market investments. He was asked to open an account on a fake trading website, after which login credentials were provided. Trusting the platform, he invested around Rs 27 lakh in multiple instalments," ACP Daniel said.
She added that the investigation exposed the involvement of a fake private company that had been created to facilitate the fraud.
"During the investigation, we found that a fake private company was being used as part of the operation. The investigation led our team to Odisha, where five accused were arrested. All of them have criminal histories and are involved in cybercrime cases registered in Bengaluru and several other states," she said.
Highlighting the scale of the financial trail, the ACP said investigators had identified massive transactions linked to the gang.
"More than Rs 6.53 crore has been transferred through the bank account used by the accused. We have also found that 149 cyber fraud complaints from across the country have already been registered against the same account," ACP Daniel said.
The five accused are currently in police custody, and further interrogation is underway to identify other members of the syndicate, trace the ultimate beneficiaries of the fraud, uncover additional bank accounts used for laundering money and establish the full extent of the interstate cyber crime network.
Police are also analysing digital devices, financial records and communication data seized from the accused to identify more victims and determine whether the gang was operating multiple fake investment platforms simultaneously. Officials have not ruled out further arrests as the investigation continues.