In a major breakthrough, Gujarat Police have arrested 24 more individuals linked to a massive stock market investment fraud totaling Rs 32.54 crore. The total number of arrests in the case now stands at 29, as the Special Investigation Team (SIT) continues to probe the complex online scam that deceived investors across India.
The arrested individuals were allegedly involved in a fraudulent scheme that targeted gullible investors who wished to enter the stock market. They promised victims expert advice on making money through stocks, but instead, manipulated them into transferring funds into various bank accounts under the guise of investing in the market. The gang then withdrew the money using methods such as ATM withdrawals and QR code payments.
The fraud was first uncovered through complaints about organized gangs operating across the country, primarily in Vadnagar, Visnagar, Kheralu, and Satlasana. These gangs used online platforms to lure investors, claiming to offer profitable stock tips and guidance. However, the money was never invested as promised; instead, it was siphoned off by the fraudsters for personal gain.
An investigation was launched by the Vadnagar police, which led to the discovery of 12 additional fraud cases spread across several districts in Mehsana. In total, 19 individuals were initially arrested. The arrested accused had formed organized gangs, some of whom trained others on how to convincingly persuade victims to make false investments.
The scam has been operating for the past 18 months, with gang members targeting people with promises of financial gains through stock market investments. Some fraudsters even offered assistance in securing government benefits to increase their credibility.
According to SIT officials, the criminals mainly used mobile phones and laptops to deceive victims, and QR codes and payment banks to facilitate the fraudulent money transfers. The gang was also found to have used 42 bank accounts in Vadnagar, Visnagar, Santej, and other areas to funnel the stolen money. The SIT is now working closely with banks to trace the remaining accounts involved in the scam.
The authorities revealed that the total amount defrauded from victims amounted to Rs 32.54 crore, with Rs 1.16 crore of this sum being transferred through angadia firms — a method often used for moving money discreetly.
Victims of the scam were not only from Gujarat, but also from other states, including Rajasthan, Punjab, Haryana, Maharashtra, and Andhra Pradesh. The fraudsters have now been linked to five major cases involving the use of 42 bank accounts, with 19 accounts under investigation so far.
Among the key suspects leading the operation are Priyansh Rawal, Meet Rawal, and Naresh Thakor, who rented a location in Dantali village, where they employed youngsters as callers to reach potential victims.