Ahmedabad: The Cyber Crime Branch of the Ahmedabad City Police has arrested five people, including three serving employees of IndusInd Bank, in connection with a stock market investment fraud amounting to nearly ₹1.54 crore. Authorities said the case was executed through an organised cyber network operating under the guise of so-called “Chinese investment” schemes.
According to police, the fraud was carried out between December 15 and February 4. The accused allegedly operated WhatsApp and Telegram groups named “91 BARCLAYS–Stock Market Pioneer”, where victims were promised high returns through share trading and IPO investments.
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The complainant was first sent a fraudulent application link — app.portfoliobulfi.icu — and was instructed to download it. After installation, the victim was added to social media investment groups where so-called market tips and profit screenshots were regularly shared to build credibility.
Investigators found that the accused used a trust-building strategy by circulating regular trading advice and showing fabricated profit records. Once the victim began investing, he was persuaded to transfer ₹1.54 crore into multiple bank accounts. After the money was deposited, the accused allegedly stopped responding and blocked communication.
The arrested individuals have been identified as Hareshbhai Shamjibhai Makwana (44), Rajubhai Madhubhai Makwana (27), Mahesh Rajeshkumar Tarani (24), Poojaben Frederick Pariyat, and Hina Divyam Rajendrabhai Tailor (27). Police said Hareshbhai Makwana was arrested on February 10, while the others were detained following coordinated raids in Ahmedabad, Surat, and Bhavnagar.
Authorities suspect that the conspiracy also involved two absconding masterminds — Harkishan Dhapa and Aqib alias Kalubhai Lakhepota — who are believed to have links with an international syndicate. Investigators are examining whether the network is connected to overseas fraud modules.
Police alleged that the bank employees helped facilitate suspicious transactions by violating regulatory norms. It is claimed that registered mobile numbers and email IDs linked to accounts were changed without the presence of the account holders.
Additionally, sweep fixed deposits were allegedly created through net banking systems to temporarily park the defrauded money before rapidly transferring it to other accounts, enabling the layering of illegal funds.
Part of the fraud proceeds was reportedly routed through a payment gateway to a jewellery showroom in the Shivranjani area of Ahmedabad, where gold worth approximately ₹10.46 lakh was purchased. Investigators believe the gold was subsequently handed over to the absconding accused.
Cyber Crime Branch officials said the investigation included analysis of bank records and technical data from the National Cyber Crime Reporting Portal (NCCRP). The probe revealed that at least 414 complaints across multiple states might be linked to mule accounts operating through the same banking channel and IFSC code.
Police suspect that these mule accounts were opened in the names of financially vulnerable individuals and were used to withdraw and circulate the crime proceeds.
During the operation, police seized seven mobile phones, one laptop, seven cheque books, six ATM cards, two demand draft stamps, SIM cards, and several bank documents. Assets and cash worth around ₹1.07 lakh were also attached under the panchnama process.
Officials said efforts are underway to trace the absconding masterminds and investigate the role of other bank employees along with possible international links.
Cybersecurity experts have urged citizens to verify the authenticity of online investment platforms before transferring money, as investment-themed cyber frauds are rising rapidly across the country.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
