Gandhinagar, September 28, 2024 — The Gandhinagar Crime Branch has made significant strides in cracking a large stock market scam. They arrested 29 individuals in connection with the case. The scam was uncovered in Mehsana and is estimated to have defrauded victims of over Rs 27 crore. This operation targeted people eager to invest in the stock market, luring them with promises of high returns.
According to police officials, the fraudsters posed as agents of legitimate stock trading companies. They tricked unsuspecting victims into depositing money into specific bank accounts. These accounts were often controlled by the scammers, making it easy for them to withdraw the money quickly. Victims were misled with false assurances and enticing offers that were too good to be true.
The investigation revealed that the scam operated across several areas, including Vadnagar, Visnagar, Kheralu, and Satlasana. Each location had its own network of fraudsters, all working together to carry out the scheme. The police have registered five separate cases related to this scam at various police stations in Mehsana district.
During the recent raids, police seized several crucial items. They recovered mobile phones, laptops, and debit cards. Additionally, they found Rs 15.55 lakh in cash. These items are vital for the ongoing investigation. The police are analyzing the devices to gather more evidence and to identify other potential suspects.
A police official stated that 42 bank accounts linked to the fraud have been identified. These accounts were used to conduct fraudulent transactions totaling Rs 27.81 crore. The scale of the operation is alarming. It shows how organized these scammers were and how they managed to evade detection for so long.
The police are now focused on dismantling the entire network of fraudsters. They are working hard to trace the money that has been taken from victims. Many people are worried about their lost investments. The Crime Branch is urging anyone who may have fallen victim to the scam to come forward and report it.
As the investigation continues, authorities are putting measures in place to prevent similar scams in the future. They are educating the public about common tactics used by scammers. People are advised to be cautious when investing their money, especially when approached by unknown agents promising high returns.
The Crime Branch is also collaborating with financial regulatory bodies to ensure that such fraudulent activities are curtailed. By sharing information, they hope to create a safer environment for investors.