Vadodara: A 37-year-old trader from Sevasi was cheated of Rs 1.03 crore by a group of people who promised lucrative returns on investments through a certain wealth-management application, police officials said.The complainant, Vipul Makwana, approached Vadodara taluka police after he transferred money to several bank accounts as part of the investment scheme but got nothing back. The fraud was perpetrated between March 14 and May 27, 2025, in Sevasi.According to the complaint, the suspects initially called Makwana and offered to help him recover a Rs 7 lakh share market loss. They sent him a link through WhatsApp and persuaded him to download a certain application.The suspects added Makwana to a WhatsApp group where he was promised returns of 10% to 25% a day. The promise of high returns induced him to transfer money several times, to multiple bank accounts. Makwana transferred Rs 5 lakh, Rs 50,000, Rs 20 lakh, Rs 30 lakh and Rs 47.85 lakh, for a total amount defrauded of Rs 1,03,35,000.The complainant did not receive the money he had invested or the promised returns. Police officials said the suspects acted as part of a conspiracy and cheated the complainant through an online digital fraud. The identities of some of the alleged account holders and persons involved are still being investigated with no arrests so far.
