The Ahmedabad Cyber Crime Branch has uncovered a major stock market investment fraud worth ₹1.54 crore, exposing a network linked to a Chinese cyber fraud gang. The investigation revealed the direct involvement of bank officials, including branch managers of a reputed private bank. Police have arrested five accused in connection with the case.
How the Fraud Was Executed
According to police officials, the fraud began in December 2025. The victim was added to a WhatsApp group named “91 BARCLAYS – Stock Market Pioneer”, where members were lured with promises of high returns through IPOs and stock market investments.
The victim was persuaded to download a fake investment application using a shared link. Believing the scheme to be genuine, the victim transferred ₹1.54 crore into multiple bank accounts as instructed. When the victim later attempted to withdraw the funds, all communication channels were abruptly cut off. Following this, a formal complaint was filed with the Cyber Crime Branch.
Role of the Accused
Police investigation revealed a well-planned conspiracy involving bank insiders who allegedly assisted the gang in exchange for commission:
- Mahesh Tarani, Account Manager at IndusInd Bank’s Gota branch, allegedly changed customers’ registered mobile numbers and email IDs without their presence or consent.
- Pooja Pariyat, Branch Manager at the New Chandkheda branch, is accused of guiding the operation and creating fixed deposits through net banking without the account holder’s knowledge to park fraud proceeds.
- Hina Divyam Darji, another bank manager, allegedly used the fraud money to purchase gold from jewellers, converting cash into gold to pass on to key members of the gang.
- Haresh Makwana from Surat reportedly allowed his bank account to be used for transactions in return for commission.
- Raju Makwana allegedly helped open new bank accounts and managed transaction settlements for the fraud network.
Investigation Status
Based on technical analysis and digital evidence, the Cyber Crime team conducted raids in Ahmedabad, Surat, and Bhavnagar, leading to the arrest of all five accused. Investigators have confirmed that the links of the gang extend to China, indicating an international cyber fraud network.
Due to the confirmed involvement of bank employees, police have initiated a broader investigation into similar frauds within the banking sector.