Three individuals were arrested by the Ahmedabad Cybercrime Police for their involvement in a stock market investment fraud that resulted in losses of nearly Rs 1 crore. The arrested men were identified as Saim Desai of Fatehwadi, Bhailu Baloch of Palitana, and Aftab Dasadia of Talaja. The arrests followed an investigation based on mobile evidence linked to their fraudulent activities.
The investigation began after a complaint was filed by ASI Hardik Bhupendra, detailing the fraudulent operations taking place at the State Lion Hotel, located near Anjali Crossroads. According to the complaint, the group had been running a scam promising investors high returns through stock market investments.
Further investigation revealed that the suspects had used WhatsApp accounts as a means of communication to defraud victims. The police found 10 WhatsApp accounts linked to 44 complaints involving Bhailu Baloch, and 66 complaints tied to Aftab Dasadia’s group. Additionally, 18 bank accounts were found to be used to channel the ill-gotten funds.
The operation was not limited to India, as international collaborators were also implicated in the scam, according to police officials. The suspects lured victims by making fake promises of high returns on stock market investments, but the victims ended up losing their money when the fraudsters disappeared.