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Vadodara Cyber Crime Police have arrested four men in connection with an alleged nationwide investment fraud involving more than 400 SIM cards and 87 complaints linked to transactions worth ₹33.04 crore. The accused allegedly operated fake WhatsApp investment groups, impersonated financial experts and promised high returns from stock market trading and foreign exchange investments.
According to police, the network targeted investors across several states using fabricated trading records, misleading investment applications and fake credentials associated with a SEBI-registered company.
Investigators identified 87 complaints on the National Cyber Crime Reporting Portal (NCRP) linked to the accused, involving a reported amount of ₹33.04 crore. A separate complaint involved an alleged loss of ₹1.57 crore.
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How Did the Gang Use WhatsApp Groups to Target Investors?
Police said the accused operated the alleged fraud between February 8 and April 21, 2026, using WhatsApp groups to approach potential investors and persuade them to transfer money.
The groups, named ‘Wall Street Dharma D9’ and ‘Shark Club D9’, were operated through multiple mobile numbers by individuals posing as investment advisers and administrators.
The accused allegedly used the identities of Dr Rajiv Singh, Khushi Goyal and others to gain the confidence of investors. They also reportedly impersonated a police officer identified as ACP Godse.
Investigators said the gang circulated fabricated screenshots in the name of SEBI-registered Mark Securities Limited to create the impression that the investment opportunities were legitimate.
Victims were offered substantial returns through stock market trading, foreign exchange investments and initial public offerings.
They were then directed to fake trading platforms through links provided by the accused. These applications allegedly displayed inflated or fabricated profits to encourage further investments.
Once the victims transferred money into designated bank accounts, the accused allegedly failed to return their investments.
Four Arrested for Allegedly Supplying SIM Cards and Activation Codes
The arrested accused have been identified as Subodh alias Raju Sharma and Karan Bhashani, both residents of Vadodara, and Sarvesh alias Ganu Patil and Aryan Panchal, residents of Dahod.
Police said all four had previous criminal records.
Investigators alleged that the accused used more than 400 dummy SIM cards to activate WhatsApp accounts through international platforms.
Subodh allegedly supplied SIM cards to other members of the network, helping them operate multiple accounts under different identities.
Karan reportedly joined a Telegram group to obtain one-time passwords required for WhatsApp account activation.
Sarvesh allegedly provided WhatsApp activation OTPs to other associates, enabling the creation and operation of accounts used to contact prospective investors.
Police said the extensive use of SIM cards allowed the network to operate multiple WhatsApp identities and approach victims across different states.
Cryptocurrency Transactions and ₹33 Crore Fraud Trail Under Investigation
Investigators also identified the alleged use of cryptocurrency to distribute money among members of the network.
According to police, Aryan Panchal received payments in USDT, a cryptocurrency also known as Tether, through a Finance Trust Wallet.
He allegedly distributed the funds among other associates in exchange for commissions.
The investigation has linked the accused to 87 complaints registered on the NCRP, with the reported amount involved reaching ₹33.04 crore.
Vadodara Cyber Crime Police are examining financial transactions, cryptocurrency transfers and the use of multiple bank accounts to establish the movement of funds.
Investigators are also tracing other associates who may have helped arrange SIM cards, activate WhatsApp accounts or facilitate fraudulent investment transactions.
The case highlights an alleged investment fraud network that combined impersonation, fabricated trading records, multiple SIM cards and cryptocurrency payments to target investors across the country.
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.
