Gujarat’s Surat Cyber Crime Police have made a major breakthrough in a multi-state cyber fraud probe by arresting a 32-year-old key account broker who allegedly routed over ₹1.52 crore in siphoned funds. The accused, identified as Riyaz alias Shoaib Mirza, was apprehended from Khambhalia in Gujarat’s Devbhumi Dwarka district following technical surveillance. Subsequent digital analysis through the National Cyber Crime Reporting Portal has connected the compromised bank account network managed by the suspect to 318 individual cybercrime complaints registered across 22 states and Union Territories.
Mechanics of the Dollar-Based Trading Trap
The investigation originated from a complaint filed by a victim targeted between November 14, 2025, and February 10, 2026. Fraudsters lured the investor with promises of high returns through dollar-denominated share market trading. To build trust, the syndicate directed the victim to register on a fake investment platform displaying fabricated electronic trading accounts and artificial profit growth.
Customer service representatives acting on behalf of the company persuaded the victim to deposit progressively larger sums into designated bank accounts. Over multiple transactions, the victim transferred a cumulative ₹1,52,63,198. When the victim attempted to withdraw the principal investment alongside purported gains, the system blocked all withdrawal requests, prompting a formal police complaint.
Mule Account Sourcing and Commission Networks
Financial auditing identified Riyaz as a critical intermediary responsible for procuring verified bank accounts for core scam operators. Police revealed that Riyaz obtained accounts from previously arrested co-accused by offering them a three percent commission. He then supplied these banking credentials to absconding masterminds who utilized them as mule accounts to layer illegal transaction trails.
Surat Cyber Crime teams tracked Riyaz after he altered his residence in Khambhalia. Following his arrest, officers confiscated his mobile devices, digital logs, and banking records. The arrest follows the previous apprehension of three co-accused from Ahmedabad—Mineshkumar Solanki, Anil Gupta, and Vikas Singh Bhadoria. Notably, an IndusInd Bank account procured by Riyaz was directly linked to seven first-layer complaints registered across Gujarat, Karnataka, Kerala, and Tamil Nadu.
Multi-State Financial Footprint and Statutory Charges
Cross-referencing central databases revealed that the mule account ecosystem spanned nationwide victimizations. Out of the 318 complaints registered across 22 states, Tamil Nadu recorded 60 complaints, followed by Gujarat with 49, Kerala with 43, Maharashtra with 35, Telangana and Karnataka with 26 each, Uttar Pradesh with 17, Andhra Pradesh with 12, and Rajasthan and West Bengal with 8 each.
Authorities have charged the accused under multiple provisions of the Bharatiya Nyaya Sanhita, 2023, including Sections 318(4), 336(2), 338, 336(3), 340(2), 61(2), and 3(5), alongside Section 66(D) of the Information Technology Act. Active investigations continue to track absconding handlers and trace final financial beneficiaries.
