Vadodara Cyber Crime Police bust ₹1.57 crore investment fraud gang

The Vadodara Cyber Crime Police have busted a gang involved in a fraud of ₹1.57 crore under the pretext of investments, arresting 4 accused. In this case, the police have apprehended Karan Bhashani, Aryan Panchal, Subodh Sharma, and Sarvesh Patil. Investigations have revealed that the accused have educational qualifications ranging from Class 8 pass to graduation.

According to a report by Sandesh, this gang committed a total fraud of ₹1.57 crore. To win the trust of investors, the fraudsters initially returned ₹5.24 lakh against the ₹1.57 crore, so that people would be encouraged to invest more.

Police investigation has revealed that the accused possessed more than 400 SIM cards, of which more than 360 SIM cards have been seized by the police. These SIM cards were being activated in Vadodara and were subsequently used in Hong Kong, China, and America. After activating the SIM cards, the accused would share the OTPs with other individuals. Through these OTPs, WhatsApp groups were activated to carry out frauds in the name of investments.

The accused involved in this fraud network were receiving a commission of ₹1,200 for activating each SIM card. They assisted in this activity through WhatsApp OTPs. Based on the seized SIM cards, the Cyber Crime Police have now launched a more in-depth investigation into the entire network.