In what officials call one of India’s most intricate cyber frauds to date, Gujarat Police have exposed a transnational syndicate that used 165 fake bank accounts, of which 89 were actively used, to funnel ₹1,455 crore across a shadowy digital web involving crypto wallets, hawala routes, and fraudulent online schemes. The racket was orchestrated by cybercriminals based in Cuba, Thailand, and Malaysia, who were in constant contact with three locals from Surat Kirat Jadhvani, Meet Khokhar, and Mayur Italia—via encrypted messaging platforms like Telegram.
What began as a routine traffic check in Udhna, Surat, unravelled into an international cybercrime case after police discovered multiple PAN cards, stamp papers, debit cards, and cheque books in a suspect’s possession. Within days, investigators learned that these documents were used to open fraudulent bank accounts using the identities of loan applicants, without their knowledge.
Ghost Accounts, Real Money: How the Scam Worked
According to Inspector S.N. Desai, the scheme was shockingly simple yet sophisticated. The trio in Surat promised individuals assistance with personal loan applications, collected their documents, and used them to open bank accounts without informing them. They later claimed the loan was denied and returned the original documents. But since the mobile numbers linked to the bank accounts were controlled by the scammers, the victims never received any alerts.
These shell accounts were then handed over to international cybercriminals for use in various digital scams—“digital arrest” frauds, online investment traps, work-from-home scams, stock market manipulations, and OTP-based cons. Some accounts were even leased for lump sums ranging from ₹7–17 lakh, or a commission model of 3–4% on total transaction volume.
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The investigation found that each account saw transfers of ₹30–40 crore, routed rapidly through other banks or converted to cryptocurrency. Desai confirmed that all accounts were now frozen following complaints by victims across India.
Scale of Impact and National Wake-Up Call
While Gujarat Police have received 265 complaints, the National Cybercrime Reporting Portal has recorded over 2,500 related grievances from across the country. Officials warn that this figure is likely an undercount, as many victims may be unaware that accounts in their names were misused.
More disturbingly, only 89 of the 165 accounts have been fully traced and audited. In six months alone, ₹1,455 crorewas funneled through them, with ₹10 crore in commissions earned by the three Surat operatives. The rest remains either laundered, converted to crypto, or sent abroad via informal networks.
What’s clear, investigators say, is the urgent need for stricter KYC enforcement, real-time fraud detection mechanisms, and cross-border cooperation in tracing cybercriminals. The case also highlights a dangerous trend: local enablers turning into digital mercenaries, selling their fellow citizens’ data for profit in the dark corners of the internet.
Cybercrime is No Longer Virtual—It’s Institutional
This case is not just about one gang or one state. It is symptomatic of a larger, growing crisis in India’s digital ecosystem. With foreign actors now seamlessly collaborating with domestic networks, India finds itself increasingly vulnerable to cyber laundering, data theft, and financial sabotage.
Unless there is a coordinated response involving police, financial institutions, IT ministries, and global watchdogs, such scams are poised to grow both in scale and sophistication.
As the investigation deepens, Gujarat’s ₹1,455 crore cyber racket may well become the blueprint for future digital crime—and a defining moment for how India responds.