The crackdown followed a complaint by Bhopal resident Sunil Rajput, who reported being cheated of ₹1.7 lakh after being induced to invest in share trading through deceptive phone calls and digital platforms. According to State Cyber Police Superintendent Pranay Nagvanshi, the complainant was shown fictitious profits through a fake trading application but was unable to withdraw any money.

Based on technical analysis and digital tracking, investigators traced the operation to Sky Corporate Park in Indore’s Vijay Nagar area. A special cyber police team conducted a raid at the premises, where 20 individuals—10 men and 10 women—were found actively making calls and messaging potential victims, posing as investment advisors.

During the raid, police seized 43 mobile phones, 16 laptops, three hard disks, a digital video recorder and a modem. Officers also recovered ₹1.33 lakh in cash, along with multiple ATM cards, cheque books and bank passbooks belonging to various banks, indicating the scale of the alleged fraud.

Investigators said the gang used a fake trading website and mobile application to manipulate data and display fabricated profits to gain the trust of victims. Once money was transferred, victims were blocked from withdrawing funds, and additional investments were encouraged under false pretences. Police believe the operation may have targeted people across multiple states.

“All the accused were identified through a digital trail, including call records, server data and financial transactions,” SP Nagvanshi said. “Further examination of seized devices and servers is underway to determine how long the gang was operating and the total number of victims involved.”

All 20 accused have been taken into custody and produced before a court. Police said details of the gang and its modus operandi have been shared with central agencies and cyber police units in other states to identify victims and prevent further fraud.

Following the bust, the cyber police issued an advisory urging citizens to remain cautious of unsolicited calls or messages promising guaranteed or unusually high returns on investments. Officials also reiterated that no legitimate share trading company can assure fixed profits or ask investors to transfer money into personal bank accounts.

The investigation is ongoing, and more arrests are likely as authorities continue to analyse digital evidence and financial links connected to the racket.