₹1.54 Crore Chinese Investment Cyber Fraud: 5 Bank Officials Arrested

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Cybercrime Ring Busted: Five Arrested in ₹1.54 Crore Investment Scam

A coordinated effort by the Ahmedabad City Police’s Cyber Crime Branch has led to the arrest of five individuals, including three serving employees of IndusInd Bank, in connection with a stock market investment fraud totaling ₹1.54 crore.

The scam, which was perpetrated through a sophisticated cyber network, promised victims high returns through share trading and IPO investments under the guise of “Chinese investment” schemes.

According to authorities, the fraud occurred between December 15 and February 4, with the accused operating a Telegram group called “91 BARCLAYS–Stock Market Pioneer.”

The group’s administrators sent victims a fraudulent application link, app.portfoliobulfi.icu, and provided regular trading advice and fabricated profit records to build trust.

Once victims began investing, they were persuaded to transfer funds into multiple bank accounts.

Investigation and Arrests

The investigation revealed that the accused used a trust-building strategy to gain the confidence of their victims.

The suspects allegedly stopped responding to victims and blocked communication after the money was deposited.

The police have identified the arrested individuals as Hareshbhai Shamjibhai Makwana, Rajubhai Madhubhai Makwana, Mahesh Rajeshkumar Tarani, Poojaben Frederick Pariyat, and Hina Divyam Rajendrabhai Tailor.

Hareshbhai Makwana was arrested on February 10, while the others were detained following coordinated raids in Ahmedabad, Surat, and Bhavnagar.

Authorities suspect that two absconding masterminds, Harkishan Dhapa and Aqib alias Kalubhai Lakhepota, were involved in the conspiracy and may have links to an international syndicate.

Bank Employees’ Role and Money Laundering

The investigation found that the bank employees allegedly facilitated suspicious transactions by violating regulatory norms.

Sweep fixed deposits were created through net banking systems to temporarily park the defrauded money before rapidly transferring it to other accounts, enabling the layering of illegal funds.

A portion of the fraud proceeds was routed through a payment gateway to a jewellery showroom in Ahmedabad, where gold worth approximately ₹10.46 lakh was purchased.

Investigation and Seizures

The investigation included analysis of bank records and technical data from the National Cyber Crime Reporting Portal (NCCRP).

The probe revealed that at least 414 complaints across multiple states might be linked to mule accounts operating through the same banking channel and IFSC code.

The police suspect that these mule accounts were opened in the names of financially vulnerable individuals and were used to withdraw and circulate the crime proceeds.

During the operation, the police seized seven mobile phones, one laptop, seven cheque books, six ATM cards, two demand draft stamps, SIM cards, and several bank documents.

Assets and cash worth around ₹1.07 lakh were also attached under the panchnama process.

Warning from Cybersecurity Experts

Cybersecurity experts are warning citizens to verify the authenticity of online investment platforms before transferring money, as investment-themed cyber frauds are on the rise across the country.