Indian all-rounders Hardik Pandya and Krunal Pandya’s former teammate Rishi Arothe is back in the headlines, but for all the wrong reasons.
Rishi Arothe had played alongside both Hardik Pandya and Krunal Pandya for the Baroda cricket team in the domestic circuit.
Rishi Arothe has been arrested again, this time along with Vadodara resident Inamdar Vinayaka Rajender, also known as Nikhil, in connection with a massive stock market investment scam in Hyderabad. They allegedly duped a Hyderabad resident for a staggering Rs 32 lakh.
Hardik Pandya’s former teammate Rishi Arothe was arrested in a Rs 32 Lakh stock scam
Notably, Hardik Pandya’s former teammate is the son of ex-Baroda cricketer Tushar Arothe. As reported by the Times of India, Rishi and Nikhil were arrested by cybercrime police in Vadodara on Thursday, September 18, and flown to Hyderabad.
They appeared in court on Friday, September 19, and were sent to judicial custody. Investigators revealed that Rishi and Nikhil, with the help of associates, lured victims using fake social media ads that imitated reputed stock brokerage firms.
Victims clicking on these links were added to WhatsApp groups such as Aditya Birla Stock Elite 678 and told to download a bogus trading app. The app’s dashboard falsely showed soaring profits, while Rishi and Nikhil secretly withdrew the deposits through multiple bank accounts.
Hyderabad investor loses Rs 32 Lakh in shocking stock market scam
This shocking stock market scam has come to light after a Hyderabad resident lost a massive Rs 32 lakh in January 2025. Investigators quickly traced the money by checking the accounts where it was sent and discovered that the trail led straight to Gujarat.
In the scam, Nikhil had supplied six bank accounts to the cybercriminals in return for a commission, helping funnel the stolen funds. And then the former cricketer Rishi played a key role by converting the money into USDT cryptocurrency on Binance and sending it abroad to the criminals.
The cybercrime DCP, D. Kavitha, was quoted as saying by The Times of India, “Among the accused, former cricketer Rishi Tushar, alias Vikranth, has a criminal record. He was arrested by the SOG of the Gujarat police in 2024 for cheating and diversion of the fraudulent amount.”
Kavitha further added, “They are linked to 12 similar cases in eight states, including Telangana, Haryana, Kerala, Jammu and Kashmir, Madhya Pradesh, West Bengal, and Maharashtra. Two mobile phones used for fund transfers have been seized.”
Hardik Pandya’s ex-Baroda teammate linked to 12-state fraud network
This is not the first time the former Baroda cricketer has violated the law. Rishi was previously arrested by the Gujarat police in 2024 for cheating and diverting funds in another fraud.
Authorities claimed that Pandya’s former teammates 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 in the fund transfers have also been seized.
Notably, Hardik Pandya is currently playing for India in the ongoing Asia Cup 2025, where the team finished the group stage as an unbeaten side. They are now set to face Pakistan in their first Super Four clash in Dubai on September 21, and Hardik is expected to play a key role as an all-rounder.