Ahmedabad, Gujarat: The Gujarat Cyber Centre of Excellence (CCoE) has dismantled a major cyber-enabled financial crime network operating across multiple Indian states, arresting three individuals accused of laundering cybercrime proceeds through fake companies and high-limit corporate bank accounts. Investigators estimate that nearly ₹2.9 crore in suspected fraudulent funds was moved through the network.
The arrested accused have been identified as Nikunj Patel, Dikshit Patel, and Sumit Soni. They were taken into custody following raids at offices located on Ashram Road and in the CTM area of Ahmedabad. Investigators allege that the group had been providing banking infrastructure to organised cybercrime syndicates for an extended period.
According to the investigation, the accused created two shell companies to open corporate bank accounts with high transaction limits. These accounts enabled bulk fund transfers, allowing stolen money to be rapidly dispersed across multiple accounts before victims or banks could detect the fraud and freeze the transactions.
Police said the group had established 72 mule bank accounts, of which 22 were already operational for laundering illicit funds. The remaining 50 banking kits were seized during the raids before they could be activated.
A review of records on the National Cyber Crime Reporting Portal linked the accounts to 54 cyber fraud cases across India, including three in Gujarat. Investigators identified several major cases connected to the network, including a ₹93 lakh online banking fraud in Bihar, a ₹70 lakh fake investment scam in Karnataka, and a ₹38 lakh digital arrest scam in Maharashtra, where fraudsters allegedly impersonated police officers to extort money from a victim.
Investigators said Nikunj Patel was responsible for registering the fake companies and opening corporate bank accounts. Dikshit Patel allegedly managed the banking kits and account operations, while Sumit Soni acted as a broker, supplying ready-to-use bank accounts to cybercriminals in exchange for commissions.
Police also alleged that the syndicate used merchant payment gateways to obscure the trail of stolen funds and complicate financial investigations. In addition, investigators found indications of the use of a suspicious Android application known as DOTP.APK, which allegedly enabled unauthorised access to one-time passwords (OTPs) received on infected mobile devices, allowing fraudulent banking transactions to be completed without the account holder’s knowledge.
During the raids, investigators seized a laptop, six mobile phones, eight cheque books, 31 debit and credit cards, and other banking documents and digital evidence. The seized devices are undergoing forensic examination to identify additional members of the network, trace financial transactions, and establish interstate links.
Cybersecurity experts say organised cybercriminal groups are increasingly exploiting shell companies and corporate banking facilities instead of personal accounts to launder illicit proceeds. According to Future Crime Research Foundation, stronger know-your-customer (KYC) compliance, enhanced monitoring of corporate accounts, and timely detection of suspicious transactions are essential, as mule accounts have become one of the primary channels used to move cybercrime proceeds.
Gujarat Police said the search for two additional suspects is ongoing. Investigators are analysing digital evidence and banking records to identify other individuals associated with the network and trace the ultimate beneficiaries of the laundered funds.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
