Surat: Surat Cyber Crime Police have arrested two men for allegedly arranging and controlling a bank account used to route suspected cyber fraud proceeds, during an investigation into an investment scam in which a complainant lost ₹5.29 lakh. Police said the account under investigation recorded transactions worth ₹2.09 crore in less than three months and was linked to 20 complaints or applications from different states.
The accused have been identified as 36-year-old Gautam Savani and 34-year-old Jaydeep Savani. Both were traced through human intelligence and technical investigation. They had earlier been arrested in another cyber fraud case registered by the CID Cyber Crime Police Station in Gandhinagar, after which Surat Police obtained their custody through transfer warrants.
The present case relates to an alleged investment scam that took place between July 28 and September 24, 2024. According to the complaint, the victim was added to a WhatsApp group named “W1-1 The Wealth Code” and was offered returns ranging from 30 per cent to 150 per cent on stock market investments.
The fraudsters allegedly shared photographs showing fictitious profits and sent the complainant a link to a fake investment website, “privilegedfyer.com”. The victim was allegedly persuaded to create an account on the website and subsequently transferred ₹5.29 lakh to different bank accounts on the pretext of purchasing shares and participating in initial public offerings.
Police said the website displayed profits in the victim’s account, creating the impression that the investments were generating substantial returns. However, when the complainant attempted to withdraw the money, he was allegedly prevented from doing so and instead encouraged to deposit additional funds.
An FIR was registered at the Surat Cyber Crime Police Station under Sections 318(4), 317(4), 336(2), 338, 336(3), 340(2), 61(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66(D) of the Information Technology Act, relating to cheating through communication devices and computer resources.
During the investigation, police identified an Axis Bank account allegedly opened in the name of 29-year-old Yash Kotecha. Investigators alleged that Gautam and Jaydeep retained the mobile number, SIM card and signed blank cheques associated with the account, allowing them to exercise control over its banking operations.
Police described the arrangement as a suspected “money mule” operation, in which bank accounts held in other individuals’ names are allegedly used to receive, transfer and layer proceeds generated through cyber fraud. According to investigators, account holders may be offered cash commissions or other benefits in return for allowing their banking credentials to be used.
Police said ₹15,000 belonging to the complainant was deposited into the Axis Bank account. Between June 20 and September 9, 2024, transactions totalling ₹2,09,17,352 were recorded in the account. The National Cyber Crime Reporting Portal also reportedly showed 20 complaints or applications from different states linked to the account.
Investigators have alleged that Gautam played a key role in arranging the bank account with Jaydeep and other associates and in retaining its banking credentials. Police said he had previously faced a murder case registered at Katargam Police Station in 2015 under Section 302 of the Indian Penal Code and a GUJCTOC case registered at Utran Police Station in 2023. He was also arrested in the Gandhinagar cyber fraud case.
Jaydeep allegedly assisted in arranging the account and accompanied Yash Kotecha to an Axis Bank branch in Sarthana when the account was opened. He was also allegedly involved in retaining the SIM card and signed blank cheques.
The investigation further uncovered an alleged financial dispute between the accused and Yash. Police said Gautam had allegedly given Yash ₹1.50 lakh in cash as an advance. After ₹50,000 was returned, a dispute reportedly arose over the remaining ₹1 lakh.
Police said Yash Kotecha, a Surat-based businessman, had already been arrested in connection with the case. Investigators are now examining the complete transaction trail, identifying other accounts and tracing the suspected fraud proceeds.
Police have advised people to remain cautious about investment offers circulated through WhatsApp or Telegram groups, particularly schemes promising guaranteed returns of 30 per cent, 50 per cent or higher. People have also been cautioned against clicking unknown investment links, trusting screenshots showing artificial profits or transferring money to personal bank accounts for share and IPO purchases.
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.
