Gujarat police arrested 24 more accused in the alleged stock market investment fraud of over Rs 32 crore involving scores of gullible investors, taking the total arrests in such cases to 29.
A special investigation team (SIT) of Gujarat Police arrested the 24 accused. Total 29 people, who have been caught so far, reportedly cheated investors of Rs 32.54 crore through online means and received Rs 1.16 crore from them through angadia firms.
Following complaints that organised gangs have been targeting people across India who wish to invest in the stock market, a probe was initiated.
These gangs, it was found, operated from Vadnagar, Visnagar, Kheralu and Satlasana.
The gang members lured people by promising them advice on how to earn money in the stock market. However, they deceived them by persuading to transfer money into different bank accounts on the pretext of investing in stocks. The money would then be withdrawn through various means including ATMs.
SIT first began investigating the case registered at Vadnagar police station. It came to know of 12 similar cases of stock market fraud, registered in various police stations in Mehsana, and found that 19 individuals had been arrested.
The accused trained each other in talking to people convincingly and luring them into making ‘investments’. They then formed organised gangs, which have been operating for the past one-and-a-half years. Some of the accused managed an entire team while others targeted vulnerable individuals after promising to get them govt assistance.
Officials said efforts were being made to gather information from banks as well to probe deeper into the incidents of such fraud. The officials said the arrested accused primarily used mobile phones and laptops, and for money transfers, they used QR codes and payments bank.
The SIT found that a gang led by Priyansh Rawal and Meet Rawal, residents of Vadnagar, and Naresh Thakor from Visnagar, had rented a place at Greenwood Phase-4 in Dantali village of Kalol taluka, where they employed youngsters as callers.
In five of these cases, three in Vadnagar, one in Visnagar and one in Santej, 42 bank accounts had been used and victims were cheated out of Rs 27.81 crore. Of these 42 bank accounts, details of 19 have been obtained. These accounts saw deposits to the tune of Rs 32.54 crore. Sources said Rs 1.16 crore was also transferred through several angadia firms. The victims were from Gujarat, Rajasthan, Punjab, Haryana, Maharashtra and Andhra Pradesh among other states.
