Gujarat: Two held over Rs 5.29 lakh cyber fraud, probe finds Rs 2.09 crore routed through bank account

Surat, Aug 19 (IANS) The Surat Cyber Crime Police have arrested two men who were allegedly involved in arranging a bank account used to route cyber fraud proceeds, while investigating an investment scam in which a complainant lost Rs 5.29 lakh.

Police said the account at the centre of the probe recorded transactions totalling Rs 2.09 crore over less than three months and was linked to 20 complaints from different states.

The two accused, Gautam Savani, 36, and Jaydeep Savani, 34, were traced through human intelligence and technical investigation.

Both had already been arrested in another cyber fraud case registered by the CID Cyber Crime Police Station in Gandhinagar, following which Surat police obtained their custody through transfer warrants.

According to police, the case relates to an alleged investment scam carried out between July 28 and September 24, 2024.

The complainant was allegedly added to a WhatsApp group called “W1-1 The Wealth Code” and offered returns of between 30 per cent and 150 per cent on stock market investments.

The accused allegedly sent photographs showing fictitious share profits and a link to a fake website, “privilegedfyer.com”, through which the complainant was induced to open an account.

Police said the complainant subsequently transferred Rs 5.29 lakh to different bank accounts on the pretext of buying shares and IPOs.

Although profits were displayed in the purported account, the complainant was allegedly prevented from withdrawing the money and was encouraged to put in more funds.

The case was registered at Surat Cyber Crime Police Station under Sections 318(4), 317(4), 336(2), 338, 336(3), 340(2), 61(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023, and Section 66(D) of the Information Technology Amendment Act, 2008.

The investigation found that an Axis Bank account had allegedly been opened in the name of Yash Kotecha, 29, while Gautam and Jaydeep allegedly retained the mobile number, SIM card and signed blank cheques linked to it.

Police said the account was subsequently used to receive and transfer money allegedly generated through cyber fraud.

Investigators described the arrangement as a “money mule” operation, in which accounts held in other people’s names are used to move suspected fraud proceeds between accounts.

Police said cash commissions or other remuneration were allegedly arranged for the use of such accounts. Police said Rs 15,000 belonging to the complainant was deposited into the Axis Bank account.

Between June 20 and September 9, 2024, the account recorded transactions totalling Rs 2,09,17,352.

The National Cyber Crime Reporting Portal also showed 20 complaints or applications from different states linked to the account, according to the investigation.

Gautam Savani allegedly played a key role in arranging the account with Jaydeep and other accused and retaining its banking credentials.

Police said he has previously faced a murder case registered at Katargam Police Station in 2015 under Section 302 of the IPC and a GUJCTOC case registered at Utran Police Station in 2023. He was also arrested in the Gandhinagar CID Cyber Crime case.

Jaydeep Savani allegedly assisted in arranging the account and accompanied the Yash to the Axis Bank branch at Sarthana for its opening. He was also allegedly involved in retaining the SIM card and signed blank cheques.

Police said he too had been arrested in the Gandhinagar cyber fraud case. The investigation also uncovered a dispute over money between the accused and Yash.

Police said Gautam had allegedly given Yash Rs 1.50 lakh in cash as an advance. After RS 50,000 was returned, a dispute reportedly arose over the remaining Rs one lakh, involving Gautam and Jaydeep.

“Yash Kotecha, a Surat-based businessman, had been arrested earlier in the case,” police said.

Police have advised people not to act on investment offers received through WhatsApp or Telegram groups, particularly those promising guaranteed returns of 30 per cent, 50 per cent or more.

They have also cautioned against clicking on unknown investment links, trusting screenshots showing profits or transferring money to personal bank accounts for IPOs or share purchases.

– IANS

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