A former Baroda cricketer, Rishi Arothe, who once shared the domestic field with Hardik Pandya and Krunal Pandya, has been arrested again, this time in connection with a major stock market scam in Hyderabad. He, along with another individual, allegedly duped a resident of Rs 32 lakh through a fake investment scheme. This marks Rishi’s second run-in with the law.
The cybercrime police also arrested Vadodara resident Inamdar Vinayaka Rajender, also known as Nikhil, in connection with the case. Rishi, son of ex-Baroda cricketer Tushar Arothe, and Nikhil were detained in Vadodara on Thursday and sent to Hyderabad, where a court placed them in judicial custody on Friday.
Investigators said that Rishi and Nikhil, with the help of their associates, lured victims using social media advertisements that pretended to represent legitimate stock brokerage firms. Those who clicked the links were added to WhatsApp channels with names like Aditya Birla Stock Elite 678 and were asked to download a fake trading app. The app showed rapidly increasing profits, giving victims a sense of security, while the accused secretly transferred the deposited money through multiple bank accounts.
The scheme came to light in January when a Hyderabad resident lost Rs 32 lakh. Cybercrime investigators tracked the transactions to Gujarat, where Nikhil had supplied six bank accounts for the fraudsters in exchange for a commission. Rishi then converted the stolen money into cryptocurrency on Binance and moved it abroad.
Authorities noted that Rishi, who used the alias Vikranth, already had a criminal record. He was previously arrested in 2024 for cheating and misappropriation of funds by the Gujarat police’s Special Operations Group. Officials also revealed that Rishi and Nikhil are connected to at least 12 similar cases across eight states, including Telangana, Haryana, Kerala, Jammu and Kashmir, Madhya Pradesh, West Bengal and Maharashtra. Two mobile phones used to transfer the illicit funds have been seized as part of the ongoing investigation.
This case highlights the growing sophistication of cyber frauds and the way criminals exploit technology and social media to target unsuspecting investors.
