400 fake SIM cards used to dupe investors of Rs 33 crore in Vadodara

The police in Vadodara have arrested four people for allegedly cheating citizens across the country of over Rs 33 crore by promising high returns through stock market investments and forex trading. The accused allegedly used more than 400 dummy SIM cards to activate WhatsApp accounts through international platforms and target potential investors.An investigation revealed that 87 complaints linked to the accused have been registered on the National Cyber Crime Reporting Portal (NCRP) across different states. The reported amount involved in these complaints stands at Rs 33.04 crore. Police said a separate complaint in the case involved an alleged fraud of Rs 1.57 crore.According to investigators, the accused operated the network between February 8 and April 21, 2026, using fake investment credentials and WhatsApp groups to gain victims' confidence. They allegedly circulated fabricated screenshots in the name of SEBI-registered entity Mark Securities Limited, presenting them as evidence of genuine trading activities.Victims were subsequently added to WhatsApp groups named 'Wall Street Dharma D9' and 'Shark Club D9'. The groups were operated using different mobile numbers under the names of individuals posing as Dr Rajiv Singh, Khushi Goyal and other administrators. The accused also allegedly impersonated a police officer, ACP Godse, to make their claims appear credible. HOW THE FRAUD WAS CARRIED OUTThe accused allegedly lured people with promises of substantial profits from stock market trading and investments in initial public offerings (IPOs). They shared fake links to open trading accounts and used applications that displayed inflated or fabricated returns to persuade victims to invest larger amounts.Once the money was transferred online into various bank accounts, the accused allegedly failed to return the invested amounts. Police said the network relied on more than 400 SIM card numbers to activate WhatsApp accounts. The accused allegedly procured SIM cards, shared one-time passwords (OTPs) and facilitated the activation of accounts used to communicate with victims.WHO ARE THE FOUR ACCUSED?The four arrested accused have been identified as Subodh alias Raju Sharma and Karan Bhashani, both residents of Vadodara, and Sarvesh alias Ganu Patil and Aryan Panchal, residents of Dahod. Police said all four have criminal antecedents.Investigators have also identified their alleged individual roles in the operation. Subodh allegedly supplied SIM cards to the other accused, while Karan joined a Telegram group and obtained OTPs required to activate WhatsApp accounts.Sarvesh allegedly provided WhatsApp activation OTPs to other associates. Aryan, meanwhile, received money in USDT (Tether), a cryptocurrency, through a Finance Trust Wallet and distributed it among other associates in exchange for a commission.The Vadodara Cyber Crime Police are investigating the financial transactions, the network of associates and the use of multiple SIM cards and digital platforms in the alleged nationwide fraud.- Ends