Surat Cyber Cell arrests man in ₹46.16 lakh fake share market fraud
Synopsis
A 30-year-old Surat man with a history of criminal cases has been arrested for allegedly funnelling proceeds of a ₹46.16 lakh fake share market and forex trading fraud — a scheme that began with a WhatsApp group and ended with the victim's money routed through a bank account already flagged in six other cyber fraud cases across India.
Key Takeaways
Avinik Vaghasiya , 30, arrested by the Surat City Cyber Crime Cell for alleged role in a ₹46.16 lakh online investment fraud.
Fraud operated via a WhatsApp group offering fake share market and forex trading tips, directing victims to a fraudulent website.
Vaghasiya allegedly withdrew ₹1,26,105 of the defrauded amount via ATM and cheques before passing cash to absconding co-accused.
The IndusInd Bank account used in the fraud is linked to six cyber fraud complaints across multiple states on the National Cyber Crime Reporting Portal.
Vaghasiya has prior bookings in 2022, 2024 , and 2026 under cyber fraud and other criminal provisions.
Surat Police advised the public to report cyber fraud immediately by calling 1930 to improve chances of freezing fraudulent transactions.
The Surat City Cyber Crime Cell has arrested a 30-year-old man for allegedly facilitating fund transfers in an online investment fraud that cheated a complainant of ₹46.16 lakh through a fake share market and forex trading scheme. The accused, identified as Avinik Vaghasiya, was apprehended following a technical investigation led by Police Inspector V.D. Mandora.
How the Fraud Unfolded
According to officials, the complainant was added to a WhatsApp group where fraudsters shared purported share market and forex trading tips, promising high returns through their application. The victim was subsequently directed to a fake website where an account was created in his name, after which he was persuaded to transfer a total of ₹46.16 lakh across multiple bank accounts for supposed trading activity.
The promised returns never materialised and the money was not returned. The victim then reported the incident to the National Cyber Crime Helpline by dialling 1930, prompting the Surat Cyber Crime Cell to launch a formal investigation.
FIR and Legal Sections
The Cyber Crime Police Station registered an FIR under Sections 318(4), 336(2), 338, 336(3), 340(2), 61(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66D of the Information Technology Act, 2008. The charges cover offences related to cheating, criminal conspiracy, and identity fraud using electronic means.
Who Was Arrested and What He Allegedly Did
Avinik Vaghasiya, a resident of Siddharth Nagar Society near Simada Naka in Surat and originally from Valukad village in Palitana taluka of Bhavnagar district, allegedly worked alongside the holder of an IndusInd Bank account used in the fraud. Investigators allege he withdrew money obtained through the cyber fraud via ATM transactions and cheques before passing the cash to other accused persons who remain absconding.
Officials stated that Vaghasiya withdrew ₹1,26,105 belonging to the complainant as part of the operation. Notably, the bank account linked to the case has been flagged in six cyber fraud complaints registered across different states on the National Cyber Crime Reporting Portal.
Accused Has Prior Criminal Record
Police records reveal that Vaghasiya has previously been booked in multiple cases. These include a 2026 cyber fraud case at the Cyber Crime Police Station, Amreli district; a 2022 case at Bhensan Police Station under provisions related to unlawful assembly, rioting, and criminal intimidation; and a 2024 cheating case at Varachha Police Station under Section 420 of the IPC and Section 66D of the IT Act. The pattern suggests a repeat offender embedded in an organised cyber fraud network.
Public Advisory from Surat Police
Surat Police urged citizens to report financial cyber fraud immediately by calling 1930, noting that prompt reporting improves the chances of freezing fraudulent transactions. Authorities advised the public not to download unknown applications or APK files sent under the guise of RTO challans, banking services, customer support, or KYC updates; to avoid clicking suspicious links in SMS or email; to remain wary of social media groups promising unusually high returns from online share market investments; and to refrain from opening ZIP files received via WhatsApp on computers. Victims of sextortion, morphed images, nude video call scams, digital arrest scams, or any other cyber crime were also advised to report the matter without delay.
Other accused in the case remain absconding, and the investigation is ongoing.
Point of View
Fake trading app, high-return promises — that continues to ensnare victims despite years of public awareness campaigns. The fact that the bank account used in this single Surat case is already tied to six other fraud complaints across India points to organised, multi-state networks rather than isolated opportunists. Arresting a cash mule like Vaghasiya is a necessary step, but the masterminds remain absconding, which is the more telling detail. Until enforcement reaches the architects of these networks, arrests at the periphery will do little to disrupt the pipeline.
NationPress
16 Jul 2026
Frequently Asked Questions
What was the ₹46.16 lakh Surat cyber fraud case about?
A complainant in Surat was cheated of ₹46.16 lakh after being added to a WhatsApp group where fraudsters posed as share market and forex trading advisors. The victim was directed to a fake website, had an account created in his name, and was persuaded to transfer money across multiple bank accounts for supposed trading, after which neither returns nor the principal were returned.
Who is Avinik Vaghasiya and what was his alleged role?
Avinik Vaghasiya, 30, is a resident of Siddharth Nagar Society in Surat and originally from Valukad village in Palitana taluka, Bhavnagar district. He allegedly worked with the holder of an IndusInd Bank account used in the fraud, withdrawing ₹1,26,105 of the defrauded amount via ATM and cheques before passing the cash to other accused who remain absconding.
How many cyber fraud cases is the bank account in this case linked to?
The IndusInd Bank account used in the fraud has been linked to six cyber fraud complaints registered in different states on the National Cyber Crime Reporting Portal, suggesting the account was part of a broader organised fraud network.
What should someone do if they are a victim of online investment fraud in India?
Victims should immediately call the National Cyber Crime Helpline at 1930. Surat Police emphasised that prompt reporting significantly increases the chances of freezing fraudulent transactions before funds are moved further.
How can people protect themselves from fake share market trading scams?
Authorities advise against downloading unknown apps or APK files, clicking suspicious links in SMS or email, or trusting social media groups that promise unusually high returns from online trading. People should also avoid opening ZIP files received via WhatsApp and should be cautious of any unsolicited contact related to investments.
