Valsad, Sep 16 (IANS): Two more persons have been arrested in connection with an alleged cyber fraud in which a Valsad resident in Gujarat was duped of Rs 1.46 crore through a fake investment platform and WhatsApp groups promising high returns from share-market trading, police said on Wednesday.
The arrests of Bhargav Solanki and Mehul Kachhua were made by the Valsad Cyber Crime Police following an investigation into the fraud.
Police said Rs 18.70 lakh of the allegedly defrauded amount had been credited to Kachhua’s bank account.
The case was registered at the Valsad Cyber Crime Police Station under Sections 336(2), 336(3), 338, 340(2), 316(2), 319(2), 318(4) and 61(2) of the Bharatiya Nyaya Sanhita, 2023, and Sections 66(C) and 66(D) of the Information Technology Act, 2000, as amended in 2008.
According to the police, the accused allegedly operated WhatsApp groups named “B125-Wealthy Vision VIP Circle” and “460-Wealthy Vision VIP Circle”.
The complainant, Khushru Dali Petigara, was allegedly lured with the promise of making higher profits through bulk buying and selling of shares through institutional trading.
The accused allegedly created a false identity for a company called “WealthyIN Broking Private Limited” and induced the complainant to transfer Rs 1,46,75,000 into bank accounts.
A trading application allegedly showed profits accruing on the investment. When the complainant attempted to withdraw the purported profits, he was allegedly asked to pay a further 15 per cent commission.
He was told that the commission would be deducted from his balance. It was at this stage, police said, that the complainant realised he had been cheated and approached the cybercrime police.
The investigation initially led to the arrest of Narendra Mali, whose bank account had allegedly received part of the proceeds.
During interrogation, police said, Mali disclosed that he had withdrawn the money from his bank account and handed it over to Bhargav Solanki, Tinkesh Padhiyar and Mehul Kachhua, all associated with Malgarh in Deesa, Banaskantha district.
Police said repeated searches were conducted in Deesa (Gujarat) and Rajasthan for the three men, but they could not initially be traced.
Investigators subsequently analysed their bank accounts, mobile phone details, the phone records of their relatives, social media activity and information obtained through human sources.
“The investigation indicated that Solanki and Kachhua had been seen several times in Rajasthan and Malgarh,” police said.
Local sources were then activated, and investigators received information that the two would return to their homes in Malgarh on September 12 to celebrate Bhadarva Beej.
Acting on the information, the cybercrime team apprehended Solanki and Kachhua and initiated legal proceedings against them. Police said Rs 53,97,797 had already been returned to the complainant after the complaint was lodged.
The police contacted the 1930 cyber fraud helpline after obtaining details of the complainant’s bank accounts and initiated steps to recover the funds.
The police advisory accompanying the case urged people to exercise caution while responding to investment offers circulated through WhatsApp, Telegram, Facebook and Instagram or through unknown links.
It warned against offers promising “daily profit”, “guaranteed returns”, “double money” and “VIP Trading Group” memberships.
Police also advised people not to download trading or investment applications at the request of unknown persons or share OTPs, UPI PINs, passwords, bank details or trading account information.
Investors were advised to verify the SEBI registration and authorisation of companies, brokers and advisers before investing.
