Mohali, April 4: In a major breakthrough against online financial scams, Mohali cyber crime police arrested three men from Gujarat for allegedly running a large-scale cyber fraud racket that targeted victims across the tricity region.
Identified as Piyush Kumar Patel, Neerajbhai H Patel, and Gohil Nikul Kumar—all residents of Mehsana, Gujarat—the trio had been operating the network for the past three years, according to police.
Police recovered ₹21 lakh in cash, a Maruti Swift Dzire car, a scooter, a cash counting machine, and five mobile phones during the arrest operation carried out in Mehsana.
The investigation began after Gagandeep, a resident of Mohali, filed a complaint stating he had lost ₹15 lakh after investing through a fake mobile app called “Fx Road,” which claimed to deal in stock market investments.
“When the complainant tried to withdraw his returns, the app demanded additional funds,” said SSP Mohali Deepak Pareek at a press conference held Thursday. “Upon refusing to invest more, he was asked to hand over ₹5 lakh in cash to a contact provided by the fraudsters.”
DSP Jatinder Chauhan, also present at the briefing, said the accused would show artificial profit gains to lure investors but blocked withdrawals once significant sums were deposited.
According to investigators, the group was handling up to ₹70–80 lakh in daily transactions.
“We suspect a wider cyber fraud racket and are working to identify the key masterminds behind these investment apps,” said Pareek.
“Preliminary findings also suggest a possible link to Hawala transactions. The seized mobile phones will be sent for forensic analysis.”
Police urged citizens to remain cautious and verify investment platforms before committing funds. “Scammers exploit trust with convincing platforms and false profit projections. People should exercise extreme care before sharing personal or financial details,” the SSP added.
