Former Baroda medium-pacer Rishi Arothe, who once played alongside Hardik Pandya and Krunal Pandya, has been arrested for his alleged involvement in a Rs 32 lakh stock market investment fraud in Hyderabad. This marks his second arrest in a related scam.
Alongside Rishi, Vadodara resident Inamdar Vinayaka Rajender (aka Nikhil) was also apprehended. Both were arrested in Vadodara and transported to Hyderabad, where they were sent to judicial custody.
The accused lured investors via social media advertisements impersonating reputed stock brokerage firms. Victims were added to WhatsApp channels such as Aditya Birla Stock Elite 678 and persuaded to download fake trading applications.
These apps displayed fake soaring profits, while Rishi and his accomplices siphoned off deposits through multiple bank accounts.
In January, a Hyderabad resident lost Rs 32 lakh to this fraud. Police traced the beneficiary accounts to Gujarat, where Nikhil provided six bank accounts to fraudsters for commissions. Rishi converted the stolen funds into USDT cryptocurrency via Binance and transferred them abroad.
Cybercrime DCP D Kavitha revealed that Rishi, alias Vikranth, had a prior criminal record for similar offenses. The duo is linked to 12 cases across eight states, including Telangana, Haryana, Kerala, Jammu & Kashmir, Madhya Pradesh, West Bengal, and Maharashtra. Police seized two mobile phones used for fund transfers.
