Ahmedabad | A series of online investment scams over the past three months has defrauded elderly residents of Gujarat of nearly ₹35 crore, with authorities managing to recover only ₹4.62 crore so far despite multiple arrests and account freezes. Investigating agencies believe the racket is linked to an interstate and international cybercrime syndicate operating through shell firms and money-laundering channels.
Officials involved in the probe said the victims include senior citizens from Ahmedabad, Vadodara and Valsad, along with a trader from Rajkot. Fraudsters contacted them through WhatsApp, offering unusually high returns on stock market, IPO and foreign currency investments. Victims were persuaded to download mobile applications that displayed fabricated profits, while small initial payouts were used to build confidence before larger sums were siphoned off.
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How the Investment Trap Was Laid
According to investigators, the accused posed as market experts or investment consultants and added victims to curated WhatsApp groups. These groups shared trading tips and directed users to applications that showed fake gains on digital dashboards. When victims attempted to withdraw substantial amounts, withdrawals were blocked or they were asked to invest more, after which communication ceased and accounts were disabled.
Vadodara: ₹3.90 Crore Fraud, Four Arrested
In Vadodara, a senior citizen and his daughter were allegedly cheated of ₹3.90 crore through a mobile-based investment platform. While the app reflected consistent profits, withdrawals were never permitted. Police arrested four accused in the case and identified 129 bank accounts linked to the operation. Officials said 428 similar complaints have been registered nationwide against the same network.
Valsad: ₹2.52 Crore Scam; Thane Resident Held
In a separate case from Valsad, an elderly investor was duped of ₹2.52 crore after being promised high returns from stock market investments. Police arrested Sandeep Punjaji Tayde, a resident of Thane, Maharashtra, who allegedly routed the funds through a firm registered in his name. Two co-accused remain absconding. Investigators said around ₹7.74 crore was laundered across multiple states in this case.
Ahmedabad: WhatsApp Group Posing as Market Consultants
An elderly trader from Ahmedabad was added to a WhatsApp group claiming to provide professional stock market advice and was induced to invest ₹2.32 crore in shares, IPOs and block trading schemes. Investigations traced the funds to accounts linked to a firm named Radhe Automobiles. Two accused from the Nikol and Naroda areas were arrested. Police said the group is linked to 22 cases across six states, involving total fraud of ₹8.45 crore.
Rajkot: ₹26.60 Crore Routed Through Hawala Channels
The largest case involves a trader from Rajkot who was allegedly cheated of ₹26.60 crore after being lured into dollar-based investment schemes promising massive profits. After showing small initial gains, fraudsters persuaded the victim to invest increasingly larger amounts over two months. Two accused from Unjha were arrested for allegedly withdrawing the funds and transferring them abroad via hawala channels. Investigators identified 12 bank accounts linked to the racket, with total transactions of ₹87.84 crore.
₹564 Crore Moved Through Shell Accounts
Police said several youths from Tharad, Unjha, Ahmedabad and Mumbai were arrested for opening shell companies and renting out bank accounts to facilitate money laundering. The syndicate allegedly moved ₹564 crore through various accounts by duping victims with promises of high returns in stock market and foreign currency investments. The investigation is being coordinated by the Gujarat State Cyber Cell.
What Lies Ahead
Officials said detailed analysis of financial trails is underway and more arrests and recoveries are expected. Authorities have also urged citizens—particularly senior investors—to remain cautious of unknown WhatsApp groups, promises of unusually high returns and unverified investment apps, and to report suspicious activity without delay.
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.
