Ahmedabad: The Ahmedabad Cyber Crime Cell has arrested five persons, including two senior bank officials, for allegedly colluding with cyber scammers to siphon off Rs 1.54 crore from a city-based businessman through a bogus stock market investment scheme.

The case, registered under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, is believed to be part of a larger network allegedly operated by foreign-based entities targeting senior citizens and investors across India via WhatsApp and Telegram groups.

Lured Through Fake Investment Group

According to investigators, the complainant was added to a WhatsApp group titled “91 Barclays-Stock Market Pioneer” between December 15, 2025, and February 4, 2026. Fraudsters circulated a suspicious link and convinced him to invest in shares and IPOs through a fake trading application, promising high returns.

Over several weeks, the victim transferred Rs 1.54 crore in multiple instalments to various bank accounts. The promised returns never materialised.

Bank Officials’ Alleged Role

Among those arrested are Pooja Priyat, manager of an IndusInd Bank branch in Chandkheda; her associate Heena Darji (27), an ECBD manager at the same branch; and Mahesh Tarani (24), a key account manager at the bank’s Gota branch. The other two accused are Haresh Makwana and Raju Makwana, residents of Surat and Bhavnagar, respectively.

Police officials said this is the first instance in Ahmedabad where senior-ranking bank officials have been arrested for allegedly working in tandem with cyber criminals.

Assistant Commissioner of Police (Cyber Crime) Hardik Makadia said the accused facilitated the opening of mule accounts and later altered registered mobile numbers and email IDs without the knowledge of the original account holders, thereby gaining control over the accounts.

In one instance, the first Rs 10 lakh transferred by the victim was deposited into a mule account opened under the name ‘Mahadev Enterprise’. The amount was converted into a sweep-in fixed deposit and subsequently used to purchase gold from a reputed jewellery showroom in the city. After deducting commissions, the remaining funds were allegedly routed to other members of the network.

Gold Conversion Route

Investigators said the accused used a layered mechanism involving mule accounts, modified KYC details, and payment gateways to launder the fraud proceeds. A portion of the funds was converted into gold to obscure the money trail before being handed over to the masterminds, who remain at large.

Police have seized mobile phones, laptops, and SIM cards from the arrested accused. Officials indicated that further arrests are likely as the probe continues, and efforts are underway to trace the absconding conspirators.

The Cyber Crime Cell is also examining whether similar patterns were used in other investment fraud cases reported in recent months. DeshGujarat