Aligarh: A retired Deputy General Manager of Punjab National Bank has fallen victim to a sophisticated cyber investment fraud, losing Rs 1.10 crore after being lured with promises of unusually high stock market returns. Police have arrested 12 accused in coordinated raids across seven states, uncovering what officials describe as a sprawling scam network targeting over 1.5 lakh people nationwide.
The victim, Dinesh Kumar Sharma, a resident of Swarnjayanti Nagar in Aligarh, told investigators that he was first contacted by fraudsters on WhatsApp in early November last year. The callers posed as stock market experts and persuaded him to join private messaging groups that showcased screenshots and videos of purported daily profits.
Certified Cyber Crime Investigator Course Launched by Centre for Police Technology
Police said Sharma was gradually convinced to make small initial investments before being encouraged to transfer larger amounts in multiple instalments. In total, he deposited Rs 1.10 crore. Despite repeated assurances of profits, no returns were credited. The fraud came to light after the accused demanded a further investment of Rs 3 crore, prompting Sharma to alert his family and file a complaint with the cyber police on January 31.
Investigators revealed that the gang operated hundreds of WhatsApp groups under names such as “VIP Profit Club”, projecting themselves as professional traders while using fake testimonials to build credibility. Victims were systematically groomed through daily messages and fabricated profit dashboards before being pressured to invest increasingly higher sums.
Senior police officials said technical surveillance, IP tracking and banking trail analysis pointed to a multi-state operation with international linkages. Based on these leads, teams carried out simultaneous raids in Uttar Pradesh, Odisha, Chhattisgarh, Uttarakhand, Haryana and Rajasthan, leading to the arrest of 12 suspects.
Those arrested include Jagannath Pradhan, Debashish Pradhan, Jitendra Chowdhury and Rankanidhi Nayak from Odisha; Durgesh Kumar Gupta from Chhattisgarh; Suraj Singh Pawar and Ravindra Singh Rathore from Uttarakhand; Suresh Kumar from Haryana; Navneet Lahari from Rajasthan; and Rizwan, Adityapal and Aryan Vats from Uttar Pradesh.
Police said the group used mule bank accounts opened in the names of unsuspecting individuals to receive defrauded funds. The money was first withdrawn in cash, then converted into USDT cryptocurrency and transferred overseas. IP addresses linked to the transactions were traced to Southeast Asia and Hong Kong, suggesting foreign handlers.
In a parallel operation with the Ministry of Telecommunications, Aligarh police also shut down nearly 600 fraudulent WhatsApp investment groups with an estimated 1.5 lakh members. Officers personally contacted more than 500 potential victims, warning them to exit the groups. Authorities believe this intervention prevented losses of around Rs 500 crore in just 48 hours.
SP Rural Amrit Jain said preliminary analysis indicates the wider network may have processed transactions worth Rs 1,200 crore to Rs 1,500 crore. Central agencies are now being approached to pursue the alleged masterminds abroad through the CBI and Interpol.
Cyber experts involved in the probe said the racket relied on psychological manipulation, fake trading dashboards and rapid fund movement through layered accounts to evade detection. They stressed that promises of guaranteed or unusually high returns are a clear red flag.
Police have urged citizens to avoid unverified investment schemes circulated on social media and messaging platforms, and to immediately report suspicious links or calls to the national cyber crime helpline.
Officials said the case underscores the growing sophistication of digital fraud networks and the importance of swift reporting and coordinated enforcement to protect potential victims.
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.
