A fake stock trading platform operated out of a call center in Indore duped thousands across multiple Indian states, promising massive returns and fake profits. With over 50,000 phone numbers targeted and ₹10,000 collected per victim as “initial investment,” the gang operated under the illusion of SEBI compliance. The scam, exposed by the crime branch, led to multiple arrests and the seizure of digital evidence revealing the scale of the fraud.
Call Center Setup, Fake Profits, and a Web of Lies
In a major financial scam unravelled in Indore, police have busted a phony stock trading advisory firm that operated through a well-equipped call center and targeted thousands across Maharashtra, Gujarat, Bihar, and other states. The racket was headed by three key accused — Sachin Udtarkar, Alok Kumar Singh, and Tushar alias Ghanshyam Baidilya — who were arrested following raids by the crime branch.
Operating under the name Thalassemia Security Advisory, the gang posed as official investment experts, designing fake websites and apps that mimicked SEBI-approved trading platforms. Customers were shown dashboards with forged profit graphs and promised massive returns from MCX trading.
To gain trust, callers offered initial profits to new users, only to later demand more money. When victims tried to withdraw their earnings, they were either blocked or ghosted. Fake invoices, dummy dashboards, and scripted callswere all part of this tightly run con, which ran for over six months undetected.
ALSO READ: FCRF Launches Campus Ambassador Program to Empower India’s Next-Gen Cyber Defenders
Inside the Call Center: Laptops, Sim Cards, and a Scripted Scam
The operation was based in a flat in Classic Silver Park, Flat No. 402, which functioned as the central command for the gang. Police seized a trove of digital assets:
- 16 mobile phones
- 2 laptops, 1 hard disk, 2 pen drives, 1 biometric device, and
- a list of 300+ leads with sensitive identity and banking data.
The scam began by sending phishing links to unsuspecting victims and showing them a fake dashboard with growing investments, even when no actual trading occurred. Investigators say the group targeted over 50,000 mobile numbers, collecting ₹10,000 or more from each victim on the promise of tripled returns.
Young women were also recruited as tele-callers, trained to convince victims of investment legitimacy using market jargon and fake credentials. When some victims pushed back or demanded refunds, their accounts were blocked, and the scammers vanished.
Police Crackdown & Victim Testimonies
The scam was busted when one of the victims filed a complaint after realizing he had been cheated out of his savings. DCP Rajesh Kumar Tripathi confirmed that the gang used a fake firm to circumvent SEBI regulations, and their activities included identity fraud, data theft, and cyber-enabled financial crime.
According to preliminary reports, multiple bank accounts have been frozen, and police are now verifying the money trail, which may exceed several crores. Victims from different states have begun coming forward, and efforts are being made to trace and return their funds.
The accused face charges under sections of the Bharatiya Nyaya Sanhita (BNS) for fraud, identity theft, and criminal conspiracy, as well as Section 66D of the IT Act.
Police believe this is just the beginning, as the seized hard drives and call logs are expected to lead to a larger racket possibly spread across multiple states and involving dozens of bank accounts and fake entities.