Ahmedabad: Gujarat’s Surat Cyber Crime Cell has busted an interstate cyber fraud racket that allegedly duped a Surat resident of ₹2.72 million (₹27.20 lakh) through a fake stock market investment scheme. Five alleged members of the gang have been arrested during a coordinated operation. Investigators said the syndicate operated from Odisha and West Bengal, using fraudulent investment platforms, shell companies and bank accounts to lure investors with promises of unusually high returns.
According to investigators, the victim was first added to a WhatsApp group where individuals posing as investment experts regularly shared stock market tips and fabricated success stories. The victim was then persuaded to register on a fake trading website designed to closely resemble a legitimate investment platform. The fraudsters provided login credentials, making the platform appear authentic and trustworthy.
Believing the scheme to be genuine, the victim transferred a total of ₹2.72 million in multiple installments to bank accounts controlled by the accused. Initially, the fake platform displayed inflated profits and increasing portfolio values, creating the illusion of successful investments. However, when the victim attempted to withdraw the money, access to the funds was denied, prompting him to report the fraud to the Surat Cyber Crime Cell.
The financial investigation revealed that the money had been routed through a bank account linked to RRK PublicBazzar Private Limited. Investigators found that more than ₹65.3 million (₹6.53 crore) in suspicious transactions had passed through the account within a short period, indicating that it may have been used to launder proceeds from multiple cyber fraud operations.
Authorities also discovered that the same bank account had already been linked to 149 cyber fraud complaints registered by victims across different states, suggesting the gang was part of a larger organised interstate cybercrime network targeting investors nationwide.
Using digital evidence, banking records and technical surveillance, the Surat Cyber Crime Cell tracked the suspects to Odisha, where five accused were arrested in a coordinated operation. Preliminary findings indicate that the syndicate maintained links across Odisha and West Bengal while using multiple identities, shell entities and bank accounts to conceal the movement of illicit funds and the identities of the ultimate beneficiaries.
Police said the arrested individuals are habitual cyber offenders with criminal records in Karnataka, Bengaluru, Odisha and West Bengal. Investigators are now examining whether the group has connections with other organised cybercrime syndicates operating across India.
According to renowned cybercrime expert and former IPS officer Prof. Triveni Singh, investment fraudsters typically build trust through social media and messaging platforms before directing victims to fake trading portals that display fabricated profits to encourage larger investments. He advised investors to independently verify the legitimacy of any investment platform and remain cautious of schemes promising unusually high or guaranteed returns.
The accused are currently in police custody, while investigators continue analysing seized digital devices, financial records and communication data to identify additional victims, trace more bank accounts used for money laundering and uncover other members of the network. Police have indicated that further arrests are likely as the investigation progresses.
