The State Monitoring Cell (SMC) of Gujarat Police arrested Harshit Jain, the alleged mastermind behind a massive Rs2,323 crore scam involving illegal cricket betting and share market “dabba trading” through dummy companies and fake bank accounts.
The scam came to light in March 2023 after a raid at Sumel Business Complex, Madhavpura, uncovered illegal betting operations. Authorities seized documents, cheque books, debit cards, and digital devices, which led to an extensive investigation revealing Jain’s central role.
Jain reportedly created a network of fake companies using forged rental agreements and licenses, opening more than 481 bank accounts linked to betting websites and online apps. Through these accounts, huge financial transactions were conducted, with ₹962 crore already frozen by investigators.
Having fled India, Jain was tracked to Dubai following a Red Corner Notice issued by Interpol in August 2023. After India’s extradition request, Dubai authorities detained and deported him back to India, where Gujarat police took custody upon his arrival in Ahmedabad.
So far, 36 other individuals, including operators and financiers, have been arrested, bringing the total arrests in the case to 37. Authorities are interrogating Jain to uncover further beneficiaries, recover assets, and trace the money flow overseas.
Officials credited the operation’s success to close cooperation between Gujarat Police, India’s Ministry of Home Affairs, Ministry of External Affairs, and international agencies. A senior official described the arrest as a “significant breakthrough in an organized financial crime case.”
