Cyber fraud of ₹35 crore targets seniors in Gujarat, only ₹4.62 crore recovered

Elderly residents from Ahmedabad, Vadodara and Valsad, along with a trader from Rajkot, were cheated of nearly ₹35 crore through online investment scams over the past three months, officials of the Gujarat State Cyber Cell said. Despite multiple arrests and account freezes, authorities have been able to recover only ₹4.62 crore so far.

According to investigators, the victims were lured with promises of unusually high returns on stock market, IPO and foreign currency investments. An international cybercrime syndicate allegedly contacted them through WhatsApp, shared links to mobile applications and persuaded them to invest a cumulative ₹35.34 crore. Small amounts were initially returned to build trust, after which the fraudsters siphoned off the remaining funds, officials said.

How the investment scam operated

Cyber Cell officials said the gang posed as market experts or consultants and added victims to WhatsApp groups. The victims were then directed to download applications that displayed fabricated profits through digital wallets or dashboards. When victims attempted to withdraw larger sums, they were blocked or asked to invest more, prompting complaints once contact ceased.

Vadodara case: ₹3.90 crore fraud, four arrested

In Vadodara, a senior citizen and his daughter were allegedly cheated of ₹3.90 crore after being convinced to invest through a mobile application. While the app showed profits, withdrawals were never permitted, police said.

The State Cyber Cell arrested four accused in connection with the case and identified 129 bank accounts linked to the operation. Officials said 428 similar complaints have been registered across the country against the same group.

Valsad case: ₹2.52 crore fraud; Thane resident held

In a separate case from Valsad, a senior citizen was duped of ₹2.52 crore after being promised high returns from stock market investments.

The Cyber Cell arrested Sandeep Punjaji Tayde, a resident of Thane, Maharashtra, who allegedly routed the money through a firm registered in his name. Police said two co-accused are absconding and that the gang laundered ₹7.74 crore across multiple states.

Ahmedabad case: WhatsApp group posed as market consultants

An elderly trader from Ahmedabad was allegedly added to a WhatsApp group claiming to offer professional stock market advice and persuaded to invest ₹2.32 crore in shares, IPOs and block trading schemes.

Investigations revealed that the funds were transferred to accounts linked to a firm named Radhe Automobiles. Two accused from the Nikol and Naroda areas were arrested. Officials said the group was involved in 22 cases across six states, with total fraud amounting to ₹8.45 crore.

Rajkot case: ₹26.60 crore siphoned off via hawala channels

In the largest case reported, a trader from Rajkot was allegedly cheated of ₹26.60 crore after being lured into dollar-based investment schemes promising massive profits. Police said the victim was shown small gains initially and was gradually induced to invest larger sums over two months.

Two accused from Unjha were arrested for allegedly withdrawing the money and transferring it abroad through hawala channels. Investigations identified 12 bank accounts linked to the racket, with total transactions of ₹87.84 crore, based on complaints filed on the National Cyber Portal.

Syndicate moved ₹564 crore through shell accounts, police say

Police said several youths from Tharad, Unjha, Ahmedabad and Mumbai were arrested for opening shell companies and renting out bank accounts to facilitate money laundering. The syndicate allegedly moved ₹564 crore through various bank accounts by duping people with promises of high returns in stock market and foreign currency investments.

Investigations are ongoing, and officials said more arrests and recoveries are expected as financial trails are analysed.