Did Gujarat Police Catch Five Suspects in a ₹3.16 Crore Investment Scam Tied to ₹82.67 Crore Cyber Crimes Nationwide?
Synopsis
In a decisive operation, the Gujarat Police arrested five individuals linked to a ₹3.16 crore investment scam that is part of a broader ₹82.67 crore cyber fraud network across India. This crackdown highlights the rising trend of digital financial crimes and the need for public vigilance.
Key Takeaways
Five suspects arrested in a ₹3.16 crore investment fraud.
Fraudsters used a fake cryptocurrency app to deceive victims.
Involvement in over 116 cybercrime cases across India.
Public urged to verify investment schemes before participating.
Ongoing investigations may lead to more arrests.
Gandhinagar, Feb 21 (NationPress) - The CID (Crime) Cyber Cell in Gandhinagar has apprehended five suspects from Ahmedabad and Vadodara related to a fraudulent investment scheme amounting to ₹3.16 crore, as reported by officials on Saturday.
An FIR lodged on January 26 indicated that the fraudsters initially approached the complainant via a friend request on Facebook, later shifting their communication to WhatsApp.
They convinced the victim to install a counterfeit cryptocurrency application called “CBOE,” leading to an estimated financial loss of ₹3.16 crore.
Investigations uncovered that the suspects had control over more than 26 bank accounts.
Data from the Cybercrime Portal revealed their involvement in over 116 cybercrime incidents nationwide, totaling around ₹82.67 crore.
The recorded offenses spanned multiple states, including Andhra Pradesh (5), Assam (1), Daman and Diu (1), Delhi (3), Goa (1), Gujarat (10), Haryana (8), Karnataka (17), Kerala (6), Maharashtra (22), Punjab (5), Tamil Nadu (2), Telangana (8), Bihar (1), Chandigarh (1), Jharkhand (1), Rajasthan (2), West Bengal (7), Odisha (3), Madhya Pradesh (2), and Uttar Pradesh (10).
The arrested individuals include Sindhu alias Sinu (Ahmedabad), Kapil alias Lucky Chauhan (Ahmedabad), Jayganesh Pillai (Vadodara), Kunj Dave (Nadiad), and Manish Jangid (Vadodara, originally from Jodhpur, Rajasthan).
Authorities confiscated eight mobile devices during the operation.
Inspector Hardik Desai from the Cyber Centre of Excellence stated to IANS, “We are exploring potential connections within this gang and are working on recovering the lost funds. This group operated across several states. These five are the principal suspects, but if any leads on other involved individuals arise, we will take action.”
Police revealed that the accused procured bank accounts from traders facing financial issues to facilitate cyber fraud.
They utilized various tactics, including digital fraud, investment scams, UPI-related fraud, loan fraud, and part-time job fraud.
SP Sanjay Keshwala mentioned: “The suspects were running a well-organized network across the nation and were detained following a thorough technical investigation and analysis of financial trails. We urge the public to diligently verify any schemes or applications before making investments and caution against renting out bank accounts, ATM cards, chequebooks, or SIM cards to unfamiliar individuals.”
The Cyber Centre of Excellence is continuing its investigation and tracking down additional suspects.
Officials characterized the operation as a significant achievement in combating the surge of investment fraud and cybercrime in Gujarat and throughout India.
Point of View
The recent arrests made by the Gujarat Police underline the escalating threat of cyber fraud. The collaboration among law enforcement agencies and the proactive measures taken in response to these crimes reflect a commitment to safeguarding citizens. As digital platforms continue to evolve, so too must our vigilance and awareness against such fraudulent schemes.
NationPress
21 Jun 2026
Frequently Asked Questions
What is the nature of the fraud that occurred?
The fraud involved victims being tricked into downloading a fake cryptocurrency application, resulting in significant financial losses.
How many individuals were arrested?
Five individuals have been arrested in connection with this fraud.
What was the total amount involved in the fraudulent schemes?
The total amount involved in the fraudulent schemes is estimated to be ₹3.16 crore for this case, part of a larger ₹82.67 crore network.
What measures are authorities taking against cyber fraud?
Authorities are actively investigating the suspects, recovering lost funds, and advising the public to verify investment schemes before proceeding.
Are there ongoing investigations related to this case?
Yes, the Cyber Centre of Excellence is continuing to investigate and track additional suspects involved in this cybercrime network.
