A massive international cyber fraud, potentially exceeding ₹1,000 crore, has been unearthed in Surat, Gujarat, exposing a sophisticated network funneling illicit funds through Indian bank accounts. Gujarat Police revealed that over ₹1,455 crore (approximately $175 million USD) was transferred through 89 Indian bank accounts in a mere six-month period. These accounts were allegedly provided to international cyber criminals by three Surat-based men in exchange for commissions.
The scam came to light following the arrest of Kirat Jadwani, Meet Khokhar, and Mayur Italia on May 28th. The trio faces charges of cheating and forgery after authorities discovered a cache of incriminating evidence, including 21 debit cards, 30 cheque books, and six PAN cards issued under various names. The initial arrest stemmed from a routine vehicle check in Surat's Udhna area, where an associate was found carrying fake PAN cards and firm stamps.
Police investigations revealed that the accused had opened 165 bank accounts using documents obtained from individuals who had applied for personal loans. These accounts were then handed over to cyber criminals involved in various illicit activities, including digital arrest scams, hawala transfers, task fraud, betting schemes, stock market manipulation, online cheating, and OTP fraud.
According to police inspector SN Desai, the Surat-based men connected with cyber gangs operating from Cuba, Thailand, and Malaysia through the Telegram messaging app. In return for providing access to these bank accounts, they received substantial commissions. Authorities have so far identified 89 of the 165 accounts and have frozen them following complaints from victims.
The modus operandi involved a deceptive tactic. The accused would approach individuals applying for personal loans, offering assistance in securing the funds. They would collect the necessary documents, open bank accounts using those documents, and then return the documents to the applicants, falsely claiming that the loan application had been rejected. Unbeknownst to the applicants, accounts were successfully opened in their names. Crucially, the gang provided their own mobile numbers for OTP verification, ensuring that the applicants remained unaware of the fraudulent activity.
This recent bust is not an isolated incident. In November 2024, Surat police uncovered a major money laundering operation involving funds extorted from victims of "digital arrest" scams, both within India and abroad. That investigation led to the arrest of 25 suspects and revealed ₹111 crore in transactions across 623 bank accounts. The cybercrime cell discovered dens with rooted devices used to operate mule accounts, bypassing security systems to forward OTPs and calls to remote locations, potentially in Taiwan or Dubai. These mule accounts were often opened using the identities of daily wage earners, who were paid small sums for their documents.
These incidents highlight Surat's emergence as a hub for cyber fraud and money laundering activities. The city's connectivity, financial activity, and potentially vulnerable population segments may contribute to its attractiveness to cyber criminals. Law enforcement agencies are now grappling with the challenge of dismantling these complex networks and preventing further exploitation of the financial system. The focus is on tracing the flow of illicit funds, identifying the masterminds behind these operations, and strengthening cybersecurity measures to protect citizens from falling victim to these scams.
