₹1,400 Crore Stock Market Scam Busted: Fake Investment Firms Duped Hundreds Across 23 States

In a significant breakthrough, the Surat Cyber Crime Cell has uncovered a massive ₹1,400 crore stock market scam, targeting unsuspecting investors across India. The fraud involved fake companies that lured victims with promises of high returns on investments. Operating internationally and using complex fund transfer methods, the racket has shocked financial watchdogs and law enforcement agencies alike.

🌐 How the Scam Worked

According to reports, two bogus companies — IV Trade (Innovative Trade) and Sky Growth Wealth Management — posed as legitimate investment firms without holding any financial regulatory licenses. They attracted hundreds of investors by promising unrealistically high returns in short timeframes.

The scammers used digital platforms and multi-level marketing (MLM) tactics to rapidly expand their victim base. Victims were encouraged to refer new people into the scheme in exchange for commissions, creating a self-propagating network of fraud.

💸 ₹100 Crore Moved via Angadia Channels

A large chunk of the laundered money — over ₹100 crore — was moved through Angadia channels (an informal money transfer system often used in Gujarat and Maharashtra). Additionally, dozens of fraudulent bank accounts were created to receive and redirect the funds.

Police revealed that the total fraud is spread across 23 states, with at least 171 formal complaints registered so far on the National Cyber Crime Reporting Portal (NCCRP).

🧠 Dubai-Based Masterminds Behind the Operation

Investigations point toward Dubai-based masterminds — Dipen Dhank and Naveenchandra Dhalak — who orchestrated the scam. These individuals managed the entire operation remotely using fake identities, shell companies, and fraudulent accounts.

The scam used well-crafted digital interfaces and mobile apps to mimic authentic stock market platforms, further deceiving users into believing the legitimacy of their “investments.”

👮 Arrested: Four Key Players

So far, four suspects have been arrested by the police, each playing a specific role in this elaborate scam:

Ajay alias Gopal Rajeshbhai Rashikbhai Bhindi (31, Jamnagar): Involved in Angadia fund transfers. Currently in 4-day custody.

Danish alias Hemal Naveenchandra Dhank (38, Rajkot): A former ICICI Bank employee, who used his insider banking knowledge to operate and manipulate transactions in Rajkot.

Jaysukh Ramjibhai Patolia (44, Surat): Managed multiple fake bank accounts used in the scam.

Yashkumar Kalubhai Patolia (25, Surat): Assisted in Angadia transactions and fund routing.

🏦 40+ New Bank Accounts Detected

ACP Shweta Daniel confirmed the discovery of more than 40 new suspicious bank accounts, with forensic tracking underway to identify additional culprits and trace the financial trail back to Dubai. Authorities are also working closely with international cybercrime agencies to reach the masterminds.

⚠️ Public Alert: Avoid "Too-Good-to-Be-True" Investment Offers

Law enforcement officials are urging citizens to exercise caution and avoid unverified investment schemes promising high returns. Before investing, always verify:

• The company’s registration with SEBI or RBI

• Customer reviews and regulatory approvals

• Official websites and contact information

• License details of wealth management firms

🚨 Summary of the Scam Aspect Details

Total Fraud	₹1,400 Crore
States Affected	23
Complaints Registered	171 (via NCCRP)
Arrests Made	4 (including ex-bank employee)
Key Companies	IV Trade, Sky Growth Wealth Management
Money Routes Used	Angadia channels, fake bank accounts
Main Masterminds	Operating from Dubai – Dipen Dhank, Naveenchandra Dhalak
Scam Model	Stock market fraud via MLM and fake investment portals

🛡️ Final Note

This case serves as a stark reminder of how organized financial fraud can exploit public trust and digital tools. If you’ve encountered any suspicious investment platform or have been a victim of such schemes, immediately report it via the NCCRP portal (www.cybercrime.gov.in).

Stay informed. Stay alert. Don’t fall for flashy returns — genuine investments take time and transparency.