A man from Rajasthan’s Churu district was allegedly cheated of ₹43.90 lakh after fraudsters added him to a WhatsApp group, promised unusually high returns from stock market investments and showed him profits through a fake online trading profile.
Cyber police have arrested 50-year-old Dakshesh Kumar Patel, originally from Umta in Gujarat’s Mehsana district and currently associated with Ahmedabad, in connection with the case.
Patel was taken into custody from Anand District Jail on a production warrant.
Police allege that ₹18.90 lakh from the victim’s money was transferred into bank accounts linked to him. Investigators are now questioning him about the movement of the funds and the wider cyber fraud network.
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WhatsApp Group Used to Build Confidence
According to police, Rajgarh resident Kamal Kumar was added to a WhatsApp group on April 2, 2025.
The group regularly carried messages claiming that members could earn large profits in a short period by investing in the stock market.
After gaining Kamal’s trust, the alleged fraudsters sent him a link and asked him to complete an online form.
He was then told that he had become a member of a purported investment company and was instructed to deposit money into different bank accounts.
Kamal allegedly transferred a total of ₹43.90 lakh in multiple transactions.
Fake Trading Profile Showed Growing Profits
The victim was also provided access to an online trading profile.
According to police, the profile was fake.
It allegedly showed purchases and sales of different shares along with rapidly increasing profits, giving Kamal the impression that his investments were performing successfully.
This apparent profit was central to the alleged deception.
A fake trading dashboard can show whatever figures the operator chooses, even if no actual shares have been purchased.
The money transferred by the victim may instead be routed directly into bank accounts controlled by fraudsters or people associated with them.
₹1.20 Crore ‘Interest-Free Loan’ Used as Next Lure
After displaying substantial profits, the accused allegedly offered Kamal another incentive.
Police say he was told that he could receive a ₹1.20 crore interest-free loan for seven days.
However, he was required to deposit additional money before the supposed loan could be activated.
When Kamal refused to make further payments, the amount displayed in his fake trading profile was allegedly frozen.
That triggered his suspicion.
He subsequently approached police and reported the alleged fraud.
Case Registered in May 2025
Cyber police registered the case on May 29, 2025.
Investigators began tracing the financial and digital trail associated with the transactions.
They examined KYC records of bank accounts, bank statements, call detail records and internet protocol detail records linked to the suspected network.
Those records allegedly showed that ₹18.90 lakh of the ₹43.90 lakh transferred by Kamal had reached accounts connected with Dakshesh Kumar Patel.
The financial trail eventually led investigators to Gujarat.
Patel was already lodged in Anand District Jail and was subsequently arrested in the Churu case through a production warrant.
The allegations against him have not yet been proved in court.
Police Probe Whether Accounts Were Part of Wider Network
Investigators are now examining how the ₹18.90 lakh moved after reaching accounts allegedly connected with Patel.
They are also trying to determine whether those accounts were directly controlled by him or were being used as part of a larger network for receiving and routing cyber fraud proceeds.
Police are examining additional bank accounts, mobile numbers and digital records.
The investigation will also look at whether other victims were targeted through the same WhatsApp group or fake trading setup.
If multiple complaints are linked to the same accounts or digital infrastructure, investigators may be able to establish a broader network.
Fake Trading Platforms Increasingly Used in Investment Frauds
The method alleged in the Churu case follows a pattern seen in several recent online investment scams.
Victims are first added to WhatsApp or Telegram groups where supposed experts share trading advice and screenshots showing large profits.
They are then directed to a website or application that looks like a genuine trading platform.
The platform may initially show substantial returns, creating confidence and encouraging increasingly large deposits.
Problems usually begin when the victim tries to withdraw the money.
Fraudsters may freeze the account or demand additional payments in the name of taxes, processing fees, margin requirements or loan conditions.
The profits displayed on the platform may never have existed outside the fake interface.
What this means for you
Never transfer investment money into personal or unfamiliar bank accounts simply because a WhatsApp group or trading dashboard shows profits. Verify the broker or trading platform through SEBI records, and treat offers of guaranteed returns or interest-free loans tied to additional deposits as major warning signs.
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