Vadodara: Sleuth Cybercrime has diged a rustic racquet where the gang is used to deceive crores entrepreneurs rupees by offering a favorable return on their investment.
Two men were arrested from Goa while other gang members located in different states had not been traced.
The police took action after Dhruv Shah, a city-based businessman, filed a complaint of a fraud worth Rs 2 Crore at the Cybercrime police station about two weeks ago.
Shah told the police that he had read online advertising where investors were promised to refund their investment.
Gang offers assistance to invest money in Bitcoin and the stock market as well.
“Shah invested a good amount and initially he got a very high return.
So, he encouraged his family and friends to invest in the scheme too,” said Hardik Makadia, ACP (Cybercrime).
Shah invested Rs 4 Crore outside that he got Rs 1.96 Crore back but the gang dropped it from the rest of the money.
“We first arrested Ramjash Mittal from Delhi and asked him.
He used to travel to various states and form a fake company.
Mittal revealed the modus operandi and members of their gang,” Makadia said to the Toi.
The police froze nine bank gang accounts and have confiscated Rs 1.23 Crore stored in this account.
Two accused of other nabbed from Goa on Thursday.
“One of the accused of this, Vikram Singh Jaat used to make phone calls and communicate with temporary investors who were accused of Hansraj Raiya used to handle bank accounts,” Makadia added.
The official investigation said that the gang had employed dozens of people who did not know the fraud being carried out.
Police suspect that some people from abroad are also involved in rackets and gangs seem to have got crores rupees.