The Surat City Cyber Crime Cell on Wednesday, 26 August arrested two men from Maharashtra in connection with an alleged online investment fraud that duped a Surat resident of ₹9.58 lakh through a fake share-market scheme promoted via Instagram. The bank account linked to the duo has reportedly been flagged in connection with fraud totalling ₹40.48 crore across multiple states.

How the Scam Operated

According to police, the accused ran a pre-planned scheme in which potential investors were first targeted through Instagram advertisements and subsequently added to Telegram groups. Victims were then sent a link to a fabricated website and persuaded to register and open a Demat account.

The complainant transferred ₹9,58,998.98 to multiple bank accounts provided through the fraudulent platform for purported share-market investments. Transactions on the platform were displayed as generating profits, and the Demat account allegedly reflected both the invested amount and returns — until the complainant attempted to withdraw the funds. The withdrawal was never processed, exposing the alleged fraud.

Who Was Arrested

The two arrested men have been identified as Uddhav alias Ravi Gondhali, 27, a decoration worker, and Gopendra alias Gopu Shinde, 23, a student — both residents of Parbhani district in Maharashtra.

Police allege that Gondhali had registered a firm in his name, obtained an Udyam Certificate, and opened a current account with the Bank of India in the firm's name. He reportedly handed over the account to Shinde for a commission of ₹5,000. The account was then allegedly made available to absconding accused persons in exchange for a two per cent commission on transactions.

Scale of the Alleged Fraud

Investigators found that transactions totalling ₹1.47 crore passed through the current account between 1 September 2025 and 21 January 2026. A check through the National Cyber Crime Reporting Portal (NCCRP) revealed 13 complaints registered across different states, with reported fraud linked to the account amounting to ₹40.48 crore.

This is part of a broader pattern of Instagram-to-Telegram investment scams that have surged across India, exploiting social media reach to funnel victims into fake trading platforms. Notably, the use of legitimately registered firms and bank accounts to launder proceeds makes such schemes harder to detect at the transaction level.

Legal Action and Investigation

A case has been registered at the Cyber Crime Police Station 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 66(D) of the Information Technology Amendment Act, 2008. The investigation was led by Inspector M.C. Nayak and his team following directions from senior officials. Several accused persons remain at large and the investigation is continuing.

Police have urged citizens to verify the credentials of any investment platform before transferring funds, and to report financial cyber fraud immediately on the 1930 helpline to improve the chances of freezing fraudulent accounts.