Motilal Oswal Name Fraud: Cyber Scammers Deceive Ahmedabad Manager with Stock Market Profits, Exposed When Attempting to Withdraw 3 Crore

A case of a multi-crore scam has emerged involving a manager at a private company in Ahmedabad. The scam took place under the guise of making investments in the stock market, promising profits. 

Once the manager realized he had been deceived, he contacted the police. The Bopal police have arrested six individuals in connection with the case.

Cyber Fraud in Ahmedabad Promises Quick Money Through Finance Club Group

In the digital age, numerous cases of cyber fraud are being reported, and another such incident has surfaced in Ahmedabad. Mehul Rawal, a manager at a private company in the city, received a message on WhatsApp containing a link inviting him to join a group called “Motilal Oswal’s Finance Club.” 

The group promised tips on trading in the stock market and investing in IPOs for quick profits. On WhatsApp, two individuals, Ramdev Agarwal and Ananya Smit, communicated with Mehul Rawal, luring him with promises of higher returns and gaining his trust.

Fraudsters Lure Victim to Download App for Fake Trading Activities

The victim, Mehulbhai Rawal, fell for the scam after being added to the group. Once he joined, the fraudsters provided him with false information about the stock market and created a fake certificate in his name as an “Over-the-Counter” member of the Motilal Oswal group. They even forged a counterfeit Motilal Oswal coin as part of the scam. 

The fraudsters then instructed Mehulbhai to download an application from the Play Store, claiming it would enable stock market trading. Using this app, they created an ID and password in Mehulbhai’s name, prompting him to start trading in the stock market and invest in IPOs.

Victim Realizes Fraud After Being Told to Pay Service Charges and Taxes to Withdraw Profit

Initially, Mehulbhai Rawal trusted the fraudsters after seeing high returns from his investments and decided to invest more money. Eventually, he invested over one crore in the stock market and IPOs, receiving over three crore in profits. When he attempted to withdraw the profits, he was told by Ramdev Agarwal and Ananya that a 20% service charge and additional taxes had to be paid from the accumulated amount. 

They also instructed him to deposit this amount into a separate account. Sensing that he had been deceived, Mehulbhai contacted the Motilal Oswal Mumbai office, only to find out that Motilal Oswal did not operate such an app or group. Realizing the scam, Mehulbhai filed a complaint at the Bopal police station.

Police Arrest Four Account Holders and Two Brokers in Connection with Fraud

Based on Mehulbhai’s complaint, the Bopal police have arrested six suspects. Upon investigation, it was found that Mehulbhai’s money had been transferred to various bank accounts. Using the account details, the police arrested four account holders and two brokers. 

The arrested account holders include Sahil Chauhan, Zubair Qureshi, Gunjan Sardhara, and Shyamaben Parmar. It was revealed during questioning that these account holders had opened the accounts on the instructions of Elias Parmar and Mohil Sumar, who rented out the account kits. The money deposited into these accounts was transferred to the brokers Elias and Mohil, and the account holders received a small portion of the total amount.

Police Investigating Other Brokers and Account Holders, Mastermind to be Identified After Arrests

In this cyber fraud case, the police suspect the involvement of additional brokers and account holders. They have requested the bank statements of all the accused to trace where the money was deposited. Furthermore, the application on the Play Store, which the fraudsters had used, was deleted by the accused, and the police are investigating this aspect as well. 

Additionally, the identities of Ananya and Ramdev Agarwal, who communicated with Mehulbhai under false names, are being investigated. Once the bank statements and the remaining fugitives are captured, the police hope to uncover the mastermind behind the entire operation.