In a major crackdown, Gujarat police have arrested 45 individuals involved in a massive cyber fraud operation, marking the first time in the state’s history that so many suspects have been apprehended in a single investment fraud case. The scam, which is projected to exceed Rs100 crore, involved a network of over 1,000 trained scammers, operating across multiple states.
A Special Investigation Team (SIT) of 50 officers was formed to probe the extensive network, which was masterminded by Pintu Bhavsar, a key figure in this large-scale fraud operation. Bhavsar, who personally trained the network of scammers, has been arrested by Gandhinagar police. His associates, operating from North Gujarat districts including Mehsana, Vadnagar, Visnagar, Kheralu, and Satlana, were also detained.
Investigations by Gandhinagar police revealed that the scam involved a collaborative effort with bank employees and mobile service providers, who allegedly provided the scammers with victim data. This allowed the fraudsters to target individuals not just in Gujarat, but also in Odisha, Haryana, and Madhya Pradesh.
The scam operated through cold calls made to victims, offering them high returns on specific stocks. For every 100 calls made, around 10 people would fall prey to the deceptive tactics. Victims were encouraged to invest around Rs3-4 lakh. However, rather than investing the funds, the money was siphoned off via ATMs and other means.
To build trust, the scammers would initially return Rs50,000 as “profit” to make the scheme appear legitimate. Victims were then convinced to invest more, often amounts as large as Rs15-20 lakh, only to have the fraudsters disappear once they had collected the money.
The police have identified the bank whose employees were allegedly supplying sensitive data to the scammers, and a formal request has been made for the bank to provide details of the involved staff. Additionally, there is a growing suspicion that mobile service providers may have been complicit in the operation, helping scammers target victims using personal data.
Range DIG of Gandhinagar, Virendra Yadav, confirmed that the investigation is ongoing, with efforts being made to freeze the stolen funds. However, a significant portion of the money has already been withdrawn by the masterminds.
The scam has devastated hundreds of victims, many of whom were saving for major festivals like Navratri and Diwali. As a result, these individuals are left in severe financial distress, with some losing large portions of their life savings.
The arrested 45 individuals have confessed to receiving Rs1 lakh per successful victim, with monthly payouts, which further highlights the organized nature of the scam.
The authorities are continuing to investigate the network, and efforts are underway to freeze remaining funds and trace additional members of the fraud operation. The police are also working closely with the bank and mobile service providers to uncover the full extent of the scam and hold all involved parties accountable.