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Gujarat man duped of Rs 1.46 crore by fake investment…

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activeCyber Crime / Digital ArrestPan India

Gujarat man duped of Rs 1.46 crore by fake investment firm, 2 held

A resident of Valsad in Gujarat was allegedly defrauded of Rs 1.46 crore by a fake investment firm operating through WhatsApp groups and fraudulent trading applications, according to police reports. The victim was lured with promises of high returns through bulk share trading and was deceived into transferring funds into various bank accounts.

State

Multiple States

First reported

September 2026

Agency involved

Valsad Cyber Crime Police

Arrests

Multiple arrests including Narendra Mali, Bhargav Solanki, and Mehul Kachhua

Charges or sections cited

Bharatiya Nyaya Sanhita Sections 336(2), 336(3), 338, 340(2), 316(2), 319(2), 318(4), 61(2); Information Technology Act Sections 66(C), 66(D)

Status

Ongoing investigation with multiple suspects arrested and partial funds recovered

The full story

Everything you need to know about this case, in one place.

Investigators stated that a fake identity under the name 'WealthyIN Broking Private Limited' was used to trick the victim. Although a trading application displayed growing profits, the victim was asked to pay an additional 15 percent commission when attempting to withdraw the money, prompting him to approach the Valsad Cyber Crime Police.

Authorities utilized the 1930 cyber fraud helpline to initiate fund recovery, successfully returning Rs 53,97,797 to the complainant. Following an investigation involving technical analysis, bank records, and human intelligence, police arrested multiple individuals linked to the case across Gujarat and Rajasthan.

Not yet reported: The articles do not mention the total number of individuals ultimately involved in the syndicate or the final court rulings.

Where the case stands

The latest position in the reports we read.

The Valsad Cyber Crime Police have arrested multiple suspects in connection with the case, and an investigation into the wider network is ongoing.

Who was affected

Described in general terms; we do not name victims.

A resident of Valsad, Gujarat, who was duped out of Rs 1.46 crore through a fake online investment scheme.

Timeline

Key dates as reported, oldest first.

September 12Two suspects were apprehended by the cybercrime team upon returning to their homes in Malgarh.

September 16Police announced the arrest of two more persons in connection with the alleged cyber fraud.

How the scam worked

The method described in the reports.

The accused operated WhatsApp groups promising high returns from share-market trading.
They created a false identity for a company named 'WealthyIN Broking Private Limited'.
The victim was induced to transfer money into bank accounts under the pretext of institutional trading.
A fake trading application was used to display false profits accruing on the investment.
When the victim tried to withdraw funds, he was asked to pay an additional 15 percent commission.

Targeted by something similar?

Call 1930 (free, 24x7) straight away, then file at cybercrime.gov.in. Money reported in the first hours is far easier to freeze.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

assamtribune.comOriginal report The Assam TribuneOpens via Google News

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