Ahmedabad Jeweller Lost 83 Lakhs in Advanced SIM Swap Scam

Post Views: 5

Ahmedabad Cyber Crime Police investigate a complex cyber fraud case involving the unauthorized transfer of ₹83.37 lakh from a jeweler’s business account.

The Incident Unfolds

The Ahmedabad Cyber Crime Police are investigating a complex cyber fraud case involving the unauthorized transfer of ₹83.37 lakh from a jeweler’s business account. The incident occurred after cybercriminals reportedly intercepted the victim’s mobile number, bypassed authentication protocols, and executed 16 fraudulent transactions through banking channels. The victim, Bhayesh Anilkumar Soni, 35, owner of Johnson Jewellers, discovered the breach after his Vodafone SIM card ceased functioning. The businessman, who operates a showroom on C.G. Road and maintains a cash credit account valued at approximately ₹14 crore, was traveling to Ayodhya when the issue arose.

Discovery of the Breach

Initially attributing the disruption to a network problem, he continued using Wi-Fi for messaging but later noticed discrepancies in banking activities. Following the restoration of mobile services, Soni and his accountant reviewed the company’s bank statements and identified unauthorized transactions between June 1 and June 2.

Investigation and Response

Investigators suspect the perpetrators exploited the SIM deactivation to circumvent one-time password (OTP) security measures, gaining access to the firm’s net banking system. Evidence suggests the attackers may have compromised a device used for financial transactions and altered critical account credentials. The fraudulent activity involved 16 transfers via IMPS and RTGS channels over 48 hours, with funds allegedly distributed to accounts linked to Litan Shil, Krishnenu Mondal, Amit Sarkar, Atal Sarkar, and Sadhukhan Enterprises.

Litan Shil
Krishnenu Mondal
Amit Sarkar
Atal Sarkar
Sadhukhan Enterprises

The complainant reported the incident to the National Cyber Crime Helpline (1930) and submitted a formal complaint through the National Cyber Crime Reporting Portal. Authorities have initiated a probe under provisions of the Bharatiya Nyaya Sanhita and relevant cybercrime laws. Investigators are examining the SIM deactivation process, banking access logs, and digital footprints to determine the scope of the breach and whether organized networks were involved.

Cybercrime Expert Insights

A cybercrime expert highlighted the risks of SIM swap attacks, emphasizing their ability to bypass OTP-based security. The expert noted that such schemes often combine social engineering with identity manipulation to siphon funds before victims detect the breach. They advised businesses to promptly report anomalies such as sudden SIM deactivation or unexpected network disruptions.

Conclusion and Call for Awareness

The case remains under active investigation, with law enforcement seeking to trace the stolen funds and identify the perpetrators. The victim’s accountant, Nilamben Patel, has been identified as a witness in the proceedings. The incident underscores the vulnerabilities of corporate banking systems to advanced cyber threats, prompting calls for enhanced security measures and awareness among business operators.