A man in Gujarat's Valsad district was allegedly duped of more than ₹1.46 crore in a cyber fraud carried out under the guise of share-market investment. The accused allegedly used a fake investment company along with WhatsApp trading groups to convince the victim he could earn substantial profits through institutional trading, ultimately persuading him to transfer a total of ₹1,46,75,000 into different bank accounts.
How the Alleged Scheme Worked
Police said the accused operated WhatsApp groups named "B125-Wealthy Vision VIP Circle" and "460-Wealthy Vision VIP Circle." Through these groups, the victim was allegedly told that large-scale institutional buying and selling of shares could generate profits several times higher than conventional investments. He was then introduced to a purported company called "WealthyIN Broking Private Limited" and persuaded to invest.
After transferring the funds, a fake trading application reportedly showed his investment amount and purported profits continuously increasing, reinforcing his belief that the money was genuinely generating returns. When he eventually tried to withdraw the displayed amount, the accused allegedly demanded an additional 15% commission, telling him it could simply be deducted from his existing balance. It was at this point that he grew suspicious the entire platform was fraudulent and approached the cybercrime police.
How the Arrests Unfolded
Investigators initially arrested one accused whose bank account had allegedly received part of the fraud proceeds. During questioning, police learned the money had reportedly been withdrawn and handed over to other members of the network. Searches were subsequently conducted at several locations in Deesa (Banaskantha district, Gujarat) and in Rajasthan, but investigators initially couldn't trace the remaining suspects.
Investigators then worked through bank accounts, mobile-phone details, phone records of relatives, social-media activity, and information gathered from local sources, establishing that the suspects had been seen repeatedly in Rajasthan's Malgarh area. Police later received information that two of them would return to Malgarh on September 12 during the Bhadarva Beej celebrations. The cybercrime team moved in and apprehended both suspects there.
Two more accused were subsequently arrested following further investigation into the case, with investigators finding that ₹18.70 lakh of the allegedly defrauded money had been credited into one of their bank accounts. The case has been registered under various sections of the Bharatiya Nyaya Sanhita, along with Sections 66(C) and 66(D) of the Information Technology Act.
What's Been Recovered So Far
Police said ₹53,97,797 has so far been returned to the complainant, with efforts continuing to trace and recover the remaining amount by examining the bank accounts and transaction trail linked to the fraud. After obtaining details of the victim's bank account, cybercrime police also contacted the 1930 cyber fraud helpline to initiate efforts to block and recover the remaining funds, a financial investigation that continues alongside the pursuit of any additional suspects.
Expert Perspective
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said fraudsters involved in fake investment schemes typically begin by showing small profits or artificial gains on an app to build the victim's confidence. Once the victim attempts to withdraw money, additional payments are then demanded under the guise of taxes, commissions, margins, or other charges, a pattern he said highlights the need to independently verify the regulatory registration of any company, broker, or financial adviser, rather than trusting claims circulated through unknown WhatsApp or Telegram groups.
How to Protect Yourself
Cybercrime police have advised people to remain cautious about investment offers received through WhatsApp, Telegram, Facebook, Instagram, or unfamiliar links, and to be wary of claims promising "daily profit," "guaranteed returns," "double money," or membership in "VIP Trading Groups." People have also been advised not to install investment or trading apps at the direction of unknown individuals, and to never share OTPs, UPI PINs, passwords, banking details, or trading-account information with anyone.
FAQs
Q1. How much money did the victim lose, and how much has been recovered?
₹1.46 crore was allegedly transferred in total; ₹53,97,797 has been returned so far, with efforts continuing to recover the remaining amount.
Q2. How did the fraudsters allegedly build the victim's trust?
Through WhatsApp trading groups and a fake trading application that showed his investment and profits continuously increasing, making the platform appear genuinely successful.
Q3. How were the suspects eventually located and arrested?
By tracing bank accounts, phone records, and social-media activity to establish a pattern of movement in Rajasthan's Malgarh area, where two suspects were apprehended during the Bhadarva Beej celebrations.
Q4. What should people watch out for to avoid similar investment scams?
Claims of "guaranteed returns," "daily profit," or "VIP Trading Groups" via WhatsApp or Telegram, and any request to install a trading app or pay a commission before withdrawing funds.