Ahmedabad Cybercrime Police have arrested four men allegedly involved in supplying bank accounts to a Dubai-linked cyber fraud network that routed money collected through fake investment schemes.
Investigators traced more than 80 cybercrime complaints across 15 states to the accounts, with transactions exceeding ₹50 crore. The arrests followed a complaint from an investor who lost ₹67.9 lakh after being promised high returns through fraudulent share-trading applications.
How Did the Investment Fraud Begin?
The victim was allegedly persuaded to invest through two applications, JB X One and ID-QSB, after receiving messages from several WhatsApp numbers. The fraudsters claimed that the platforms offered brokerage-free trading and attractive investment opportunities.
To establish credibility, they allegedly supplied a forged certificate bearing the name, logo and seal of the Securities and Exchange Board of India (SEBI).
https://the420.in/fcrf-certified-chief-ai-officer-second-cohort-november-2026/
Believing the platforms were genuine, the investor transferred ₹47.1 lakh through JB X One.
How Did the Victim Lose ₹67.9 Lakh?
A woman impersonating an ICICI Securities representative later approached the complainant with promises of returns ranging from 5% to 20% through block trading. The victim subsequently invested another ₹20.8 lakh through ID-QSB. The fraudulent application displayed a balance of ₹74.3 lakh, suggesting substantial profits.
However, when the investor attempted to withdraw the money, the fraudsters demanded a 20% short-term capital gains tax and an additional 4% health and education cess. The victim then realised that the investment platforms were fraudulent.
Who Were the Four Arrested Accused?
Police identified the arrested suspects as Irfan Shaikh, 41, Soheb Jojawalla, 37, Shehzad Ajmerwala, 35, and Ishtiyak Riyawala, 38.
The arrests followed an investigation involving technical evidence and human intelligence. Investigators believe the accused operated as intermediaries supplying bank accounts to the wider fraud network.
How Were Bank Accounts Supplied?
According to police, Shaikh allegedly provided his account to Jojawalla in exchange for a commission. Jojawalla reportedly collected more than five accounts and passed them to Ajmerwala.
Ajmerwala allegedly sourced additional accounts before transferring them to Riyawala, suspected of helping send the accounts to operators based in Dubai. Police said Riyawala possessed more than 30 bank-account kits.
What Has the Investigation Revealed?
Investigators linked the recovered accounts to more than 80 complaints registered across 15 states. Transactions involving these accounts exceeded ₹50 crore, indicating the suspected scale of the financial network.
The420 Insight
The case highlights how fake trading applications, forged regulatory documents and networks of supplied bank accounts can support organised investment fraud. Investors should independently verify trading platforms and avoid making additional payments merely to withdraw supposed profits.
