Ahmedabad: A jewellery businessman in Ahmedabad has allegedly lost ₹83.37 lakh in a sophisticated SIM-swap cyber fraud after unknown cyber criminals reportedly gained unauthorized access to his company’s banking system and siphoned off funds through multiple transactions. The case has been registered with the Cyber Crime Police Station, and investigators are now examining digital evidence, banking records and beneficiary accounts to trace those responsible for the fraud.
Unauthorized Deactivations and Corporate Account Vulnerabilities
According to the complaint, the victim, Bhayesh Anilkumar Soni, 35, proprietor of Johnson Jewellers and a resident of the Usmanpura area, discovered the fraud after his mobile number linked to the company’s banking operations suddenly stopped functioning. The businessman operates a jewellery showroom on C.G. Road and maintains a cash credit account with a banking facility reportedly valued at around ₹14 crore for business purposes.
The incident is believed to have started around May 30 when Soni was travelling to Ayodhya. During the trip, he noticed that his Vodafone SIM card had stopped working. Assuming it was a routine network issue, he did not immediately suspect any criminal activity and continued using messaging applications through Wi-Fi connectivity.
The situation became suspicious when banking-related work required one-time passwords (OTPs) and no messages were received on the registered mobile number. On June 2, Soni visited a Vodafone store in Ahmedabad, where he was allegedly informed that a request had been received to block the SIM card linked to his number. According to the complaint, he had never submitted any such request.
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Authentication Key Modifications and Intercepted Bank Profiles
After obtaining a replacement SIM card and restoring mobile connectivity, Soni and his accountant reviewed the company’s bank statements and allegedly discovered a series of unauthorized transactions carried out between June 1 and June 2. Investigators believe cyber criminals exploited the SIM deactivation to bypass OTP-based authentication and gain access to the firm’s net banking facilities.
Preliminary findings suggest that the accused may have compromised a device used for internet banking and altered key account-linked credentials, including the registered email address. Investigators have also found indications that a Gmail account allegedly created under the name “rakesh691217” was linked to the banking profile without the account holder’s knowledge. This reportedly enabled the fraudsters to intercept authentication messages and maintain control over the banking account during the attack.
Multi-Channel Siphoning Schemes and Beneficiary List Audits
Police records indicate that the fraudsters executed 16 separate transactions through IMPS and RTGS channels over a period of approximately 48 hours. The money was allegedly transferred to multiple accounts maintained across different financial institutions. Transaction details reviewed during the investigation reportedly identify beneficiaries including Litan Shil, Krishnenu Mondal, Amit Sarkar, Atal Sarkar and an entity named Sadhukhan Enterprises.
Following the discovery of the unauthorized transfers, the complainant immediately contacted the National Cyber Crime Helpline (1930) and obtained an acknowledgement number. A separate complaint was also submitted through the National Cyber Crime Reporting Portal before a formal FIR was registered with Ahmedabad Cyber Crime Police Station.
Bharatiya Nyaya Sanhita Bookings and Network Identity Frauds
Police have booked unidentified accused under relevant provisions of the Bharatiya Nyaya Sanhita and applicable cybercrime laws. Investigators are examining the SIM deactivation process, banking access logs, beneficiary accounts and digital trails to determine how the fraud was executed and whether the operation involved a larger organized cybercrime network.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said SIM-swap fraud remains one of the most dangerous forms of financial cybercrime because it allows criminals to take control of OTP-based authentication systems. He noted that cyber fraudsters often combine social engineering techniques with identity manipulation to gain access to banking services and divert funds before victims realize their mobile numbers have been compromised. He advised citizens and businesses to immediately report any sudden SIM deactivation, unexpected network loss or unauthorized changes to registered banking credentials.
The complainant’s accountant, Nilamben Patel, has been cited as a witness in the case. Cyber Crime Police officials are continuing the investigation to identify the perpetrators and trace the movement of the stolen funds.
