171 Cyber Complaints Across 23 States Point to Nationwide Network
Surat Cyber Crime Police have unearthed a sprawling investment fraud operation involving unauthorised foreign fund transfers amounting to ₹1,438 crore. The racket, run through multiple Gujarat-based firms since 2022, promised investors monthly returns of 7–11% under the pretext of stock and currency market investments. The accused funnelled funds collected from the public to Dubai without approvals from regulatory authorities such as SEBI and the Reserve Bank of India.
The criminal enterprise operated under the names IV Trade, Sky Growth Wealth Management, Praviyo Solution Pvt Ltd, and DG Pocket Solution Pvt Ltd—firms based in Surat and Rajkot. According to police sources, these companies lured investors nationwide by promising lucrative returns and then siphoned off the money through various bank accounts and hawala-like angadia networks.
Following extensive raids on the premises, authorities recovered ₹40 lakh in cash, incriminating documents, account details, and records of angadia transactions. Preliminary forensic examination of financial trails revealed ₹335 crore in transactions directly linked to the primary suspects.
Key Accused and Angadia Route Under Scrutiny
Police arrested Jaysukh Patoliya and Danish alias Hemal Dhanak as key masterminds. Danish’s brother-in-law, Ajay alias Gopal Bhindi, was also arrested for managing backend financial operations and coordinating the angadia channel for illicit fund transfers.
Investigations further revealed that ₹1,438 crore passed through the firms’ bank accounts, while another ₹100 crore was routed via angadia services. The fraud came to light after multiple cyber complaints were filed nationwide. As of now, 171 cyber fraud cases have been registered against the entities and individuals involved across 23 Indian states through the National Cyber Crime Reporting Portal.
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Authorities confirmed that none of the entities had requisite permissions from SEBI or RBI for investment schemes or overseas transactions, making the entire operation illegal under Indian financial laws.
The probe remains ongoing, with more arrests and account freezes expected. The police are also coordinating with central agencies to track the overseas flow of funds and identify any possible accomplices in Dubai or other jurisdictions.