Gujarat Police Arrest Two in Major Cyber Fraud Case Involving Fake Investment Scheme
Arrests Made in Cyber Fraud Investigation
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Valsad, Sep 16: Authorities have detained two individuals linked to a significant cyber fraud case in which a resident of Valsad, Gujarat, was swindled out of Rs 1.46 crore via a fraudulent investment platform and WhatsApp groups that promised substantial returns from stock trading, as reported by police on Wednesday.
The suspects, identified as Bhargav Solanki and Mehul Kachhua, were apprehended by the Valsad Cyber Crime Police following a thorough investigation into the incident.
According to police reports, Kachhua's bank account received Rs 18.70 lakh of the allegedly embezzled funds.
The case has been registered at the Valsad Cyber Crime Police Station under various sections of the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000, as amended in 2008.
Investigators revealed that the accused operated WhatsApp groups titled “B125-Wealthy Vision VIP Circle” and “460-Wealthy Vision VIP Circle”.
The victim, Khushru Dali Petigara, was reportedly enticed with promises of high profits through bulk trading of shares.
The fraudsters allegedly fabricated a company identity named “WealthyIN Broking Private Limited” and persuaded the victim to transfer Rs 1,46,75,000 into various bank accounts.
A trading application falsely indicated profits on the investment. However, when the victim sought to withdraw these supposed profits, he was informed of a required 15 percent commission.
It was only at this point that the victim realized he had been deceived and subsequently reported the matter to the cybercrime police.
The investigation initially led to the arrest of Narendra Mali, who had reportedly received a portion of the funds in his bank account.
During questioning, Mali revealed that he had withdrawn the money and handed it over to Solanki, Tinkesh Padhiyar, and Kachhua, all of whom are linked to Malgarh in Deesa, Banaskantha district.
Despite extensive searches in Deesa and Rajasthan, the three suspects were not immediately located.
Investigators then scrutinized their bank accounts, mobile phone records, and social media activities, along with information from human sources.
"The investigation revealed that Solanki and Kachhua had been spotted multiple times in Rajasthan and Malgarh," police stated.
Local informants were engaged, leading to information that the two would return to Malgarh on September 12 for the Bhadarva Beej festival.
Acting on this tip-off, the cybercrime team successfully apprehended Solanki and Kachhua and initiated legal action against them. Police confirmed that Rs 53,97,797 had already been refunded to the victim following the complaint.
The police also reached out to the 1930 cyber fraud helpline to recover the funds after gathering details of the victim's bank accounts.
In light of this case, authorities have issued a warning urging the public to be cautious when responding to investment offers shared via WhatsApp, Telegram, Facebook, Instagram, or unknown links.
They cautioned against offers that promise “daily profit”, “guaranteed returns”, “double money”, or “VIP Trading Group” memberships.
Additionally, the police advised against downloading trading or investment applications at the behest of unknown individuals or sharing sensitive information such as OTPs, UPI PINs, passwords, or bank details.
Investors are encouraged to verify the SEBI registration and authorization of companies, brokers, and advisors before making any investments.