The suspects, Ahmed Raza Daroga (24), a diploma holder in mechanical engineering and Abdul Rehman Sheikh (31), a 12th-grade graduate, were arrested from the Wadi area of Vadodara.

The case came to light after the victim reported falling prey to a scam linked to a Facebook stock market advertisement. After clicking on the ad, the victim was added to a WhatsApp group where stock tips were shared.

The fraudsters guided the victim through an investment process in an application, where Rs 10,000 was initially credited to their account as a bonus. The victim then deposited Rs 10.67 lakh, believing they had earned Rs 1.43 lakh in profits.

However, no withdrawals were allowed, and the fraudsters later cut off communication.

The suspects allegedly operated by setting up bank accounts and supplying them to co-conspirators for fraudulent activities. The investigation revealed that more than Rs 7 crore had been moved through these accounts, and over 150 complaints across 19 states have been filed related to this scam on the National Cyber Crime Portal.

Police said that it appears the suspects had opened more than ten accounts to facilitate illegal transactions.

In another case, the Vadodara Cyber Crime Unit detained 17 individuals involved in an interstate cybercrime racket that allegedly defrauded a city resident of over Rs 94 lakh by tricking him into downloading a fake stock market application.

The bust followed a complaint filed by Rajiv Ramakrishna, who reported being swindled out of Rs 94.18 lakh by cyber fraudsters.

They lured him through a social media advertisement promising high returns on stock market investments. According to the complaint, filed on March 30, the fraudsters added Ramakrishna to a WhatsApp group named "C6 Blackrock Stocks Pull Up" and persuaded him to submit his details via an online form.

janvi/dan