Ahmedabad cyber crime branch arrests three in ₹17 lakh stock market investment fraud case

The Ahmedabad City Cyber Cell of Crime Branch has arrested three alleged members of a cyber fraud syndicate accused of duping investors by luring them with promises of exorbitant returns through bogus stock market schemes.

According to investigators, the gang allegedly cheated a complainant of ₹17.9 lakh after falsely claiming that stock market investments through their platform would yield 200 per cent returns per month.

Police said the fraud began on August 30, 2025, when the complainant received a WhatsApp message from an unidentified individual promoting high-return stock market investments. The victim was subsequently sent a link and added to a WhatsApp group titled 'Stock Market Forum 38', where members shared stock tips, chart analyses and market-related content to build credibility and gain the complainant’s trust.

Believing the operation to be genuine, the complainant transferred ₹17.9 lakh into bank accounts provided by the fraudsters before realising he had been cheated.

Following the complaint, the Cyber Crime Police Station registered an FIR under relevant provisions of the Bharatiya Nyaya Sanhita and Information Technology Act.

Using technical surveillance and human intelligence, the Cyber Crime Branch identified and arrested the following accused:

–Jitendra Dhirajlal Buha (39), a construction businessman residing in Surat

–Shaileshbhai Manjibhai Rangpariya (47), employed and residing in Surat

–Piyush Vinubhai Solanki (26), a diamond worker from Surat

According to police, Buha had opened a current account with Axis Bank and procured a SIM card linked to the account, which was later handed over to Rangpariya.

Investigators said Rangpariya and Solanki subsequently transported Buha and the bank account kit to Lucknow, where the account was allegedly handed over to unidentified associates involved in the larger fraud network. The accused allegedly received commissions in exchange for facilitating the use of the account to route the defrauded money.

Police suspect the trio acted as intermediaries for a broader interstate cyber fraud racket and are probing the involvement of additional accused.

Further investigation is under way to trace the masterminds behind the operation and identify other victims who may have been targeted through similar investment scams.