What happened here
Reported cause: police say the accused ran a fake share-market scheme, with screenshots in the name of a SEBI-registered firm, a fake trading app and a person posing as a police officer, and supplied the SIM cards and OTPs behind it; they are alleged, not convicted. Lesson: check the firm and the app on SEBI's own lists before you pay anyone. Vadodara Cyber Crime Police have arrested four men over what ETV Bharat Gujarati (5 November 2026) and India Today (5 November) describe as an investment-fraud network that began with one complaint. ETV Bharat says that between 8 February and 21 April 2026 a complainant was contacted online about investing in the share market and IPOs, shown screenshots in the name of a SEBI-registered firm, added to a WhatsApp group called Wall Street Dharma D9, sent a link to open a trading account and then, through an admin of a second group, Shark Club D9, and a person posing as an ACP, persuaded to transfer a total of Rs 1.57 crore in stages to several bank accounts. The money did not come back and the complainant went to the police. The 420, updated 9 November, adds that fake trading applications showed inflated profits and that police say the accused impersonated advisers and a police officer. Police say the technical inquiry and human sources led to four arrests, with roles as reported: one supplied SIM cards to associates, one joined a Telegram group to obtain the OTPs needed to activate WhatsApp accounts, one supplied WhatsApp activation OTPs to others, and one received USDT through a crypto wallet and passed it on to associates for a commission. Two of the four are from Vadodara and two from Dahod, and all four have earlier criminal records (The 420); ETV Bharat adds details of earlier cases in Vapi and Bharuch. Police say the OTPs were used from Hong Kong, Malaysia and the US, so the SIM cards and OTPs were arranged in one place and the accounts used from abroad. The inquiry found 87 complaints in several states on the National Cyber Crime Reporting Portal involving Rs 33,04,83,177; ETV Bharat adds that the exact role of each accused in each complaint needs further inquiry. The SIM count is 359 in ETV Bharat and more than 400 in India Today and The 420. Police appeal to people not to hand over bank accounts, SIM cards or personal documents to strangers and to call 1930 if cheated. The accused are alleged and not convicted. We name nobody; the reports name the four and the fake persona names. Figures are from the reports opened on 10 November 2026 (IST) and may change.
Quick answers
What did Vadodara police find?
Vadodara Cyber Crime Police say four men supplied SIM cards, WhatsApp activation OTPs and a USDT route for a network behind fake share-market and IPO investment groups, and that 87 complaints in several states, totalling Rs 33.04 crore, are linked to them.
How did the case begin?
With one complainant who lost Rs 1.57 crore between 8 February and 21 April 2026 to a fake investment group on WhatsApp.
How many SIM cards were used?
ETV Bharat says 359 SIM cards were linked to the network. Gujarat Samachar says 359 were found with the accused and that more than 400 were activated in all; India Today and The 420 say more than 400. The reports may be counting different things, so we show both.
Are the four guilty?
They are alleged and not convicted. We do not name them.
How can I check an investment offer?
Check the firm and the app on SEBI's own lists, pay only to verified accounts, and leave any group that added you without your asking. See: WhatsApp Stock-Tip Groups and Fake Trading Apps in India:…
Why is selling a SIM card or an OTP dangerous?
Police say networks like this one use bought or rented SIM cards and OTPs to open WhatsApp accounts that approach victims. Do not sell, rent or lend your SIM card, OTP or bank account.
What should I do if I have been cheated?
Call 1930 and file at cybercrime.gov.in the same day, call your bank and save the chats.
What happened
Vadodara Cyber Crime Police have arrested four men whom they say supplied the SIM cards, the WhatsApp activation OTPs and a cryptocurrency route for an investment-fraud network. ETV Bharat Gujarati (5 November 2026) says the case began with a single complainant who lost Rs 1.57 crore between 8 February and 21 April 2026. He was approached online about investing in shares and IPOs, shown screenshots in the name of a SEBI-registered firm, added to a WhatsApp group called Wall Street Dharma D9, sent a link to open a trading account, and then persuaded through a second group, Shark Club D9, and a person who posed as an ACP to move the money in stages to several bank accounts. It did not come back.
The police inquiry then linked the four accused to 87 complaints on the National Cyber Crime Reporting Portal in several states, with a reported amount of Rs 33,04,83,177. ETV Bharat says 359 SIM cards were involved, and Gujarat Samachar says 359 were found with the accused and that more than 400 were activated; India Today and The 420 say more than 400. Police say the OTPs were used from Hong Kong, Malaysia and the US, which means the SIM cards and OTPs were arranged in one place and the accounts used from abroad. The accused are alleged and not convicted, and we give no names.
What the reports say
- How it began: One complainant lost Rs 1.57 crore to a fake share-market and IPO investment group between 8 February and 21 April 2026 (ETV Bharat, India Today, The 420).
- The method: Fake screenshots in the name of a SEBI-registered firm, WhatsApp groups named Wall Street Dharma D9 and Shark Club D9, a link to a trading account that showed profits, and a person posing as an ACP (ETV Bharat, The 420). The 420 adds that fake applications showed inflated profits.
- The four arrests: Four men, from Vadodara and Dahod, with earlier criminal records; one supplied SIM cards, one joined a Telegram group to get the OTPs for WhatsApp activation, one supplied activation OTPs to associates, and one received USDT through a crypto wallet and passed it on for commission (ETV Bharat, The 420).
- The scale: 87 complaints on the National Cyber Crime Reporting Portal in several states and Rs 33,04,83,177 in total (ETV Bharat); Rs 33.04 crore (India Today, The 420).
- Where the OTPs were used: Hong Kong, Malaysia and the US (ETV Bharat).
- What police are doing: Examining bank and crypto transfers, and tracing other associates who arranged SIM cards, activated WhatsApp accounts or took fraudulent payments (The 420). The role of each accused in each complaint needs more inquiry (ETV Bharat).
- Police advice: Do not give your bank account, SIM card or documents to strangers; call 1930 if cheated (ETV Bharat).
Where reports differ and what we do not know
- SIM count: 359 found with the accused or linked to the network (ETV Bharat Gujarati, Gujarat Samachar) and more than 400 activated (Gujarat Samachar, India Today, The 420). The reports may be counting different things, so we show both.
- Complainant’s loss and OTP countries: Rs 1.57 crore (ETV Bharat, India Today, The 420) or Rs 1.51 crore (Gujarat Samachar); the OTPs were used from Hong Kong, Malaysia and the US (ETV Bharat), and Gujarat Samachar also names China.
- The amount: Rs 33,04,83,177 (ETV Bharat) is Rs 33.04 crore (India Today, The 420); ETV Bharat’s headline rounds it to 33 crore. It is the total of complaints linked to the accused, not an amount proven lost to them.
- The wallet: ETV Bharat and The 420 name the crypto wallet differently; we do not name it.
- The date: ETV Bharat Gujarati and India Today are dated 5 November 2026; a TV9 Gujarati clip is dated the night of 4 November. We use 5 November as the date of the first reports we opened.
- Not known: Whether all 359 SIM cards were seized, the total frozen or recovered, the outcome in court, who ran the groups from abroad, and how many of the 87 complainants were duped through this exact group.
What this case teaches
This case is useful because it shows the part of the fraud that victims never see: the SIM cards, the OTPs and the wallets that make hundreds of WhatsApp accounts possible. A person who sells a SIM card or an OTP for a small commission is feeding a network that police have linked to 87 complaints totalling Rs 33.04 crore. For investors, the defence is the same as in our guide on WhatsApp stock-tip groups and fake trading apps: start from SEBI’s lists, never from a chat, pay only to verified accounts, and treat a fee for withdrawal as the end of the conversation. If you have been cheated, call 1930 the same day.
See also our cases on the SD Pay and Apna Pay scheme in Amreli, the Goa digital-arrest fraud and the Rs 417 crore laundering network and the Delhi fake e-challan SMS network, and our guides to reporting on 1930 and cybercrime.gov.in, digital arrest and the Vadodara safety guide.
- The complainant is approached about investing in shares and IPOs and transfers Rs 1.57 crore in stages to several bank accounts (ETV Bharat)
- The money does not come back; the complainant reports to police (ETV Bharat)
- Technical inquiry and human sources lead police to four accused; 87 complaints are linked (ETV Bharat)
- Four arrests are announced; ETV Bharat Gujarati and India Today report on 5 November (a TV9 Gujarati clip is dated the night of 4 November)
- The 420 updates its report; police are examining bank and crypto transfers and tracing other associates
- No court outcome, recovery or freeze of funds is reported
Why consequences escalated
- Vadodara Cyber Crime Police say four men supplied SIM cards, WhatsApp activation OTPs and a USDT route to a fake share-market and IPO investment network.
- The inquiry started with a Rs 1.57 crore complaint and linked 87 complaints in several states, totalling Rs 33.04 crore.
- 359 SIM cards were found or linked in two reports and more than 400 were reported activated in others; the figures may count different things.
- The OTPs were used from Hong Kong, Malaysia and the US, so the people running the groups were not in Vadodara.
- The accused are alleged, not convicted; the exact role of each in each complaint is still being examined.
- No recovery or freezing of the Rs 33.04 crore is reported.
Failures and risk multipliers
- No finding of guilt has been made; the accused are alleged and not convicted.
- Victims trusted a screenshot in the name of a registered firm and a group full of supposed profit-makers, which police say were fake.
- Money was sent to several personal and other bank accounts, and then more was sent after fake profits appeared on an app.
- A person posing as a police officer was used to win the complainant's trust, according to the reports.
- The people who sell SIM cards, receive OTPs or lend accounts may not see themselves as part of the fraud, but they supply the tools; police warn the public not to do this.
Actions that reduce risk
- Investors: before you pay anyone, check the firm and the app on SEBI's own lists; a screenshot in the name of a registered firm proves nothing.
- Leave any WhatsApp or Telegram investment group that added you without your asking; ignore profit screenshots.
- Pay only to verified accounts, and try a small withdrawal early; treat any fee to withdraw your own money as a warning.
- Do not sell, rent or lend your SIM card, OTP or bank account for any reason; police say these are the tools of such networks.
- If you have paid, call 1930 and file at cybercrime.gov.in the same day, call your bank, and save the chats before leaving the group.
- Authorities: publish the number of SIM cards seized, the funds frozen and the outcome of the case, so people can see the result.
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