Ahmedabad Cyber Crime Bust: Fake Trading Apps, Forged SEBI Certificates Used to Swindle ₹67.92 Lakh; Dubai Link Under Scanner

Four arrested, including alleged mastermind; police uncover more than 30 bank account kits linked to over 80 complaints across 15 states and transactions exceeding ₹50 crore

Ahmedabad: Promises of extraordinary stock market returns, counterfeit trading applications and forged Securities and Exchange Board of India (SEBI) certificates allegedly formed the backbone of an investment fraud that cost an Ahmedabad resident ₹67.92 lakh. The Ahmedabad City Cyber Crime Branch has arrested four accused in the case, uncovering an alleged interstate network with links to handlers in Dubai.

The accused allegedly impersonated representatives of Julius Baer and ICICI Securities to persuade investors to transfer money through fake trading applications. Investigators have also uncovered kits containing details of more than 30 bank accounts, which were allegedly channelled through a network of operatives before being sent to Dubai for commissions.

According to the investigation, the bank accounts are linked to more than 80 complaints registered across over 15 states, with financial transactions exceeding ₹50 crore. Police are probing the wider network and the role of its alleged overseas handlers.

Fake Julius Baer App, Forged SEBI Certificates Used to Gain Trust

According to the complaint filed with the Ahmedabad Cyber Crime Branch, the fraudsters contacted the complainant through multiple WhatsApp numbers and persuaded the victim to invest through an application called JB X One, which they claimed was associated with Julius Baer.

The accused allegedly promised that investments made through the application would attract no brokerage charges. To make the scheme appear legitimate, they sent the complainant forged certificates bearing SEBI's name, logo and official seals, falsely suggesting that the operation was registered with the market regulator.

Convinced by these claims, the complainant allegedly transferred ₹47.14 lakh through the fraudulent investment arrangement.

Woman Posing as ICICI Securities Representative Promised Up to 20% Daily Returns

The alleged fraud continued when a woman identifying herself as Anju Garg, claiming to represent ICICI Securities, approached the complainant with another investment opportunity.

She allegedly promoted a scheme described as block trading, promising daily returns ranging from 5% to 20%. The complainant was persuaded to download a second application, named ID-QSB, and invest an additional ₹20.78 lakh.

The total amount allegedly transferred through the two investment schemes reached ₹67.92 lakh.

The applications displayed substantial profits, showing the complainant's total balance at ₹74.32 lakh. However, when the victim attempted to withdraw the money, the accused allegedly demanded a payment towards a purported 20% short-term capital gains tax and an additional 4% health and education cess.

The demands for further payments raised concerns about the legitimacy of the displayed balance and the investment scheme.

Four Arrested From Ahmedabad and Vadodara

Following technical analysis and the use of human intelligence, the Ahmedabad City Cyber Crime Branch arrested four accused from Ahmedabad and Vadodara.

The arrested individuals have been identified as Irfan Imtiazali Shaikh, Soheb Yasinbhai Jojavarvala, Shehzad Rafikbhai Ajmervala and Ishtiyaq Yusufbhai Riyavala, who investigators describe as the alleged mastermind of the operation.

Police are examining their respective roles in procuring bank accounts, transferring account details through intermediaries and facilitating the movement of the alleged fraud proceeds.

How the Alleged Bank Account Network Worked

Investigators have uncovered an alleged chain in which bank accounts were collected and passed between operatives in exchange for commissions before the details reached handlers based in Dubai.

According to police interrogation findings, Irfan Shaikh, a resident of Vadodara, allegedly provided his bank account to Soheb in return for a commission.

Soheb allegedly supplied his own bank accounts, along with accounts belonging to other individuals, to Shehzad. Shehzad then allegedly passed the account details to Ishtiyaq.

Ishtiyaq is accused of sending complete sets of bank account details to handlers in Dubai in exchange for substantial commissions.

Police have identified more than 30 sets of bank account details during the investigation. The alleged overseas connection has prompted investigators to widen the probe into the network's operations and financial links.

More Than 80 Complaints Across 15 States

The scale of the alleged operation extends beyond the Ahmedabad case.

According to the investigation, the bank accounts linked to the accused have surfaced in more than 80 complaints registered across over 15 states. The associated financial transactions exceed ₹50 crore.

Investigators are examining the links between the accounts, the complaints registered in different jurisdictions and the individuals allegedly involved in facilitating the transactions.

The probe is also focused on identifying the Dubai-based handlers and establishing the extent of their involvement in the alleged investment fraud.

Who Are the Four Arrested Accused?

1. Irfan Imtiazali Shaikh, 41
A resident of Bavmanpura in the Panigate area of Vadodara, he allegedly provided his bank account in exchange for a commission.

2. Soheb Yasinbhai Jojavarvala, 37
A resident of Gorwa, Vadodara, originally from Chhipawad in Jamalpur, Ahmedabad, he allegedly supplied more than five bank accounts in exchange for commissions.

3. Shehzad Rafikbhai Ajmervala, 35
A resident of Moti Sodagar ni Pol in Jamalpur, Ahmedabad, he allegedly procured bank accounts and passed their details to Ishtiyaq.

4. Ishtiyaq Yusufbhai Riyavala, 38
A resident of Rukanpura near Astodia Darwaja in Jamalpur, Ahmedabad, he is alleged to have served as the key link responsible for sending the bank account details to handlers in Dubai.

With four arrests made, the Ahmedabad City Cyber Crime Branch is continuing its investigation into the alleged interstate and international network, the bank accounts connected to the complaints and the movement of funds exceeding ₹50 crore.