Ahmedabad: The Ahmedabad City Cyber Cell of the Crime Branch has arrested three men for their alleged role in a stock market investment fraud in which a complainant was cheated of ₹17.9 lakh after being promised unusually high monthly returns. Police suspect the accused were part of a larger cyber-fraud network operating across multiple states.
WhatsApp Stock Forum Used To Build Trust
According to investigators, the fraud began on August 30, 2025, when the complainant received a WhatsApp message from an unknown person offering lucrative stock market investment opportunities. The sender allegedly claimed that investors could earn returns of up to 200% per month through a trading platform. To make the scheme appear genuine, the victim was sent a link and added to a WhatsApp group named “Stock Market Forum 38.”
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Inside the group, members regularly posted stock tips, market charts and investment-related discussions. Police said this was allegedly done to build trust and convince the victim that the platform was legitimate. Believing the claims, the complainant transferred ₹17.9 lakh into bank accounts shared by the fraudsters. However, after the promised returns failed to materialise, the victim realised that he had been duped and approached the cybercrime authorities.
Victim Lured With 200% Monthly Return Promise
Following the complaint, an FIR was registered at the Cyber Crime Police Station under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. Police teams then used technical surveillance, banking details and human intelligence to identify the accused linked to the transaction trail.
The arrested accused have been identified as Jitendra Dhirajlal Buha, 39, a construction businessman from Surat; Shaileshbhai Manjibhai Rangpariya, 47, also from Surat; and Piyush Vinubhai Solanki, 26, a diamond worker. Investigators said Buha had opened a current account with Axis Bank and obtained a SIM card connected to the account, which was later handed over to Rangpariya.
Bank Account Trail Leads Police To Three Accused
Police further alleged that Rangpariya and Solanki took Buha, along with the bank account kit, to Lucknow, where the account was handed over to unidentified persons involved in the wider racket. The accused allegedly received commission for allowing the account to be used for routing fraud money.
Officials believe the trio worked as intermediaries, helping cybercriminals move stolen funds through banking channels. The investigation is now focused on tracing the masterminds, identifying other accounts used in the racket and finding whether more victims were targeted through similar fake stock investment schemes.
Police have urged citizens to remain cautious of WhatsApp groups, unknown trading links, and investment offers promising unrealistic returns, warning that such schemes are commonly used by cyber fraud gangs to trap victims.
About the author – Manoj Borana is a law graduate from GNLU with a strong interest in legal affairs, technology, cybercrime, and digital safety. He writes about crime, governance, rights, online activity, and technology-related risks, with a focus on raising public awareness.
