Ahmedabad Police Unravel ₹50 Crore Dubai-Linked Cyber Fraud Network, Four Arrested

Ahmedabad Cybercrime Police have dismantled a cyber fraud operation linked to Dubai, arresting four individuals involved in financial crimes through fraudulent investment schemes.

Details of the Fraud Operation

The investigation uncovered a network that siphoned over ₹50 crore by exploiting compromised bank accounts and deceptive digital platforms. The scheme began when a victim was targeted through two applications, JB X One and ID-QSB, after receiving communications from multiple phone numbers. Fraudsters promoted these platforms as offering commission-free trading and lucrative investment opportunities.

Fraudulent Documents and Deceptive Tactics

To deceive users, they provided a counterfeit document bearing the logo, name, and seal of the Securities and Exchange Board of India (SEBI), falsely certifying the platforms as legitimate. The victim transferred ₹47.1 lakh via JB X One, believing the service to be authentic. Subsequently, a fraudster posing as an ICICI Securities representative contacted the victim, offering returns ranging from 5% to 20% through block trading.

Additional Investment and Withdrawal Scam

The individual invested an additional ₹20.8 lakh through ID-QSB, which displayed a fabricated balance of ₹74.3 lakh to suggest substantial profits. When the victim attempted to withdraw funds, the perpetrators demanded a 20% short-term capital gains tax and a 4% health and education cess, prompting the realization that the platforms were fraudulent.

Arrests and Investigation Findings

The four arrested suspects—Irfan Shaikh, 41, Soheb Jojawalla, 37, Shehzad Ajmerwala, 35, and Ishtiyak Riyawala, 38—were identified through a combination of technical evidence and intelligence. Investigators determined that the group acted as intermediaries, supplying bank accounts to the broader fraud network.

Roles of the Suspects

Shaikh allegedly provided his account to Jojawalla in exchange for a commission, while Jojawalla gathered over five accounts and passed them to Ajmerwala. Ajmerwala sourced additional accounts before transferring them to Riyawala, who was suspected of forwarding the credentials to Dubai-based operators. Police recovered more than 30 bank-account kits linked to Riyawala.

Impact and Authorities’ Advice

The investigation linked the compromised accounts to over 80 cybercrime complaints across 15 states. The case underscores the tactics used by organized fraud rings, including fake trading applications, forged regulatory documents, and coordinated account supply chains. Authorities advise investors to independently verify trading platforms and exercise caution before making additional payments to withdraw funds.

“The case underscores the tactics used by organized fraud rings, including fake trading applications, forged regulatory documents, and coordinated account supply chains. Authorities advise investors to independently verify trading platforms and exercise caution before making additional payments to withdraw funds.”