In a massive breakthrough, Surat police uncovered a Rs1,455 crore international cybercrime and money laundering racket operating through 90 fake bank accounts. The key accused, Kirat Jadwani, along with Meet Khokhar and Mayur Italiya, was arrested after a raid on their Mota Varachha office on May 22.
The accounts, opened in private banks such as RBL, Axis, Yes Bank, and Kotak Mahindra, were created using documents of financially distressed individuals, who were paid up to Rs8 lakh for their identity proofs. Some accounts were registered under fake company names.
Deputy Commissioner of Police (Zone-2) Bhagirath Gadhvi confirmed that Rs1,455 crore worth of transactions were recorded across these accounts in the last six months. Investigators believe the total fraud amount could touch Rs2,000 crore as 75 more accounts remain under scrutiny.
The accounts were used to launder funds from various cyber scams, including digital arrest frauds and online betting schemes, with international links traced to Cuba, Malaysia, and Thailand.
So far, 2,500 cybercrime complaints nationwide have been linked to this racket — including 265 from Gujarat and 36 specifically from Surat. Authorities have seized Rs1.10 crore from 90 scrutinized accounts, and Rs1.40 crore from Jadwani’s personal holdings.
Jadwani reportedly turned to cybercrime after losses in his warehouse business in July 2024. He is believed to have earned Rs10 crore in commissions for facilitating these fraudulent accounts.
The case, led by Udhna police inspector SN Desai, is still under investigation as authorities examine financial trails and digital records to track further links.
