The Cyber Centre of Excellence of the Gujarat CID Crime has arrested four men for their alleged involvement in a large-scale cyberfraud that duped investors across several states by promising high returns from stock market investments.
Police officials said the cyber syndicate is linked to more than 428 complaints nationwide, with total losses exceeding Rs460 crore. Victims were targeted through WhatsApp, where the accused posed as representatives of a registered brokerage firm.
According to investigators, victims were added to WhatsApp groups where fabricated success stories and screenshots of profits were circulated to build trust. They were then persuaded to download a trading application named Rockcreek, register on it, and transfer funds to multiple bank accounts provided by the fraudsters.
The app allegedly displayed inflated profits in users’ wallets. However, when victims attempted to withdraw their money, the requests remained marked as “under process.” The accused later claimed the accounts had been frozen due to regulatory scrutiny and demanded additional payments under the guise of margin money and processing charges.
After siphoning off large sums, the fraudsters shut down the application and ceased all communication. In one instance, a complainant and his daughter were allegedly cheated of Rs3.90 crore.
Investigators said analysis of bank transactions, mobile phone data, and tower dumps helped trace the suspects’ live locations, leading to their arrest from Tharad and Bharuch.
The arrested accused were identified as Rama Lalji Pandya, Darshankumar Haresh Purohit, Amarat Hamir Joshi, and Radhuram Bhura Pandav, all residents of Banaskantha district. Police said they acted as bank account suppliers and operators for the cybercrime syndicate, opening accounts in the names of firms such as Darshan Parlour and individual persons, and routing fraud proceeds in return for commissions.
During the investigation, police identified 126 bank accounts allegedly used in cyberfrauds. Checks on national cybercrime portals revealed that at least 30 complaints were linked to a single account, involving losses of Rs11.83 crore. The broader network was found connected to hundreds of cases across states including Gujarat, Maharashtra, Karnataka, Tamil Nadu, Delhi, and Uttar Pradesh.
Police have seized nine mobile phones, two laptops, 13 cheque books and passbooks, and seven debit cards. Further investigation is underway to identify other members of the interstate and possible international cyber fraud syndicate.
