Police in Gandhinagar have arrested 29 people in a sophisticated stock market scam that cost investors an estimated ₹27 crore. The Ponzi scheme was being run out of a call centre at Santej in Gandhinagar, officials said. 

The scammers, described by the police as  well-trained youth above 18 years of age, targeted potential investors across India with promises of lucrative stock market returns. They would initially show small profits to gain trust before persuading investors to commit larger sums, ultimately building up to substantial amounts. One victim reportedly lost ₹55 lakh to the scheme.

The investigation took Gandhinagar Range DIG Virendrasinh Yadav and his team of about 50 police officers to multiple locations across Gandhinagar and Mehsana districts, including Vadnagar, Visnagar, Kheralu, and Satlasana.

The investigation began with 12 complaints, the first of which was filed in Vadnagar’s Smart police station. This led to FIRs against a total of 19 accused. Five of these were arrested, produced in a court and remanded to police custody. The rest were marked as absconders. 

Then, on September 26, a raid at the call centre in Santej resulted in the apprehension of 24 more suspects, including 14 who had been evading the police. 

In all, the police have now registered five cases of financial fraud against the 29 accused. 

Investigators are now looking into the bank accounts through which the ₹27 crore was funnelled as part of the scheme. 

The case highlights the growing issue of cybercrime and financial fraud in the region, and serves as a stark reminder to potential investors about the importance of verifying the legitimacy of financial opportunities.