The Vadodara Cyber Crime Police have arrested two individuals, Ahmed Raza Daroga (24) and Abdul Rehman Sheikh (31), for their involvement in an online investment fraud that resulted in a victim losing Rs 9.24 lakh. The arrests were made in the Wadi area of Vadodara, Gujarat.
The victim, who had fallen prey to a scam, reported that the fraud began after he clicked on a stock market advertisement on Facebook. Upon clicking, the victim was added to a WhatsApp group where stock tips were shared. The fraudsters then convinced the victim to invest money through an application, promising high returns.
Initially, a sum of Rs 10,000 was credited to the victim’s account as a bonus. Encouraged by the small profit, the victim then invested Rs 10.67 lakh, believing they had earned a profit of Rs 1.43 lakh. However, when the victim tried to withdraw the money, they were unable to do so, and the fraudsters cut off communication.
The investigation revealed that the suspects had opened multiple bank accounts to facilitate fraudulent transactions. Over Rs 7 crore was moved through these accounts, and the National Cyber Crime Portal received over 150 complaints from victims across 19 states. Police also found that the suspects had opened more than ten accounts to carry out their illegal activities.
In a separate case, the Vadodara Cyber Crime Unit also detained 17 individuals involved in another interstate cybercrime racket, where a city resident was defrauded of over Rs 94 lakh through a fake stock market application. The victim, Rajiv Ramakrishna, was lured by a social media advertisement promising high returns on stock market investments. After being added to a WhatsApp group, he was tricked into submitting personal details and making large investments, resulting in his significant financial loss.
