Valsad. A man in Gujarat’s Valsad district was allegedly duped of more than ₹1.46 crore in a cyber fraud carried out in the name of share-market investment. The accused allegedly used a fake investment company and WhatsApp trading groups to convince the victim that he could earn substantial profits through institutional trading. He was subsequently persuaded to transfer a total of ₹1,46,75,000 into different bank accounts. A fake trading application allegedly displayed the investment and purported profits continuously increasing.
According to the cybercrime police, two more accused were arrested after further investigation into the case. Investigators found that ₹18.70 lakh of the allegedly defrauded money had been credited to the bank account of one of them. The case has been registered under various sections of the Bharatiya Nyaya Sanhita along with Sections 66(C) and 66(D) of the Information Technology Act.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
Police said the accused allegedly operated WhatsApp groups named “B125-Wealthy Vision VIP Circle” and “460-Wealthy Vision VIP Circle”. Through these groups, the victim was allegedly told that large-scale buying and selling of shares through institutional trading could generate profits several times higher than conventional investments. He was then introduced to a purported company named “WealthyIN Broking Private Limited” and persuaded to invest money.
After the funds were transferred, the alleged trading application showed the investment amount and profits increasing. This reportedly strengthened the victim’s belief that his money was generating genuine returns. When he attempted to withdraw the amount displayed in the account, the accused allegedly demanded an additional 15% commission. He was told that the commission could be deducted from his existing balance. It was at this stage that the victim suspected the entire investment platform was fraudulent and approached the cybercrime police.
During the investigation, police had initially arrested another accused whose bank account allegedly received part of the fraud proceeds. During questioning, investigators learned that the money had allegedly been withdrawn and handed over to other members of the network. Police subsequently conducted searches at several locations in Deesa in Gujarat’s Banaskantha district and in Rajasthan but initially failed to trace the suspects.
Investigators then examined bank accounts, mobile-phone details, phone records of relatives, social-media activity and information gathered from local sources. The investigation allegedly established that the suspects had been seen repeatedly in Rajasthan and the Malgarh area. Police later received information that two of them would return to Malgarh on September 12 during the Bhadarva Beej celebrations. The cybercrime team subsequently reached the area and apprehended them.
Police said ₹53,97,797 had so far been returned to the complainant in the case. Efforts are continuing to trace and recover the remaining amount by examining the bank accounts and transaction trail allegedly linked to the fraud. After obtaining details of the victim’s bank account, the cybercrime police also contacted the 1930 cyber fraud helpline and initiated efforts to block and recover the remaining funds.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said fraudsters involved in fake investment schemes often begin by showing small profits or artificial gains on an application to build the victim’s confidence. Once the victim attempts to withdraw the money, additional payments are demanded in the name of taxes, commissions, margins or other charges. Such cases highlight the need to independently verify the regulatory registration of a company, broker or financial adviser instead of trusting investment claims circulated through unknown WhatsApp or Telegram groups.
Cybercrime police have advised people to remain cautious about investment offers received through WhatsApp, Telegram, Facebook, Instagram or unknown links. People have been warned against claims promising “daily profit”, “guaranteed returns”, “double money” or membership of “VIP Trading Groups”. They have also been advised not to install investment or trading applications at the direction of unknown individuals and never share OTPs, UPI PINs, passwords, banking details or trading-account information with anyone.
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.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
