Surat Investment Fraud Case: ₹2.09 Crore Traced Through Bank Account

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Surat Cyber Crime Police have detained two individuals in connection with a financial fraud scheme involving a bank account that facilitated transactions totaling ₹2.09 crore.

Investigation Details

The investigation revealed the account was linked to 20 cybercrime complaints across multiple states, with the accused allegedly orchestrating a mechanism to process illicit funds. The arrested individuals, Gautam Savani (36) and Jaydeep Savani (34), were identified through a combination of intelligence gathering and digital forensic analysis.

Case Origin

The case stems from an alleged investment scam that occurred between July 28 and September 24, 2024. A complainant reported losing ₹5.29 lakh after being lured through a group named “W1-1 The Wealth Code,” which promised high returns on stock market investments.

Fraud Mechanism

Fraudsters reportedly shared fabricated profit screenshots and directed the victim to a counterfeit website, “privilegedfyer.com.” The victim was persuaded to create an account and transfer funds under the pretense of purchasing shares and participating in initial public offerings. The website displayed false gains, creating the illusion of legitimate returns.

Bank Account Involvement

During the probe, investigators traced an Axis Bank account linked to 29-year-old Yash Kotecha. The account was reportedly controlled by Gautam and Jaydeep Savani, who retained the associated mobile number, SIM card, and blank cheques. This setup enabled them to manipulate the account’s transactions, aligning with a suspected “money mule” operation.

Transaction History

The Axis Bank account recorded ₹2,09,17,352 in transactions between June 20 and September 9, 2024. A portion of the victim’s funds, ₹15,000, was deposited into this account. The National Cyber Crime Reporting Portal also flagged 20 complaints tied to the account, indicating its involvement in broader fraudulent activities.

Financial Dispute

Gautam Savani is alleged to have coordinated the account’s creation with Jaydeep Savani and others, while Jaydeep reportedly accompanied Yash Kotecha to an Axis Bank branch in Sarthana during the account’s establishment. Both were involved in securing the SIM card and blank cheques. A financial dispute emerged between the accused and Yash Kotecha, as Gautam had provided ₹1.50 lakh as an advance. After ₹50,000 was returned, a conflict arose over the remaining ₹1 lakh.

Police Advisories

Investigators are currently analyzing the full transaction history to identify additional accounts and track the movement of illicit funds. Police have issued public advisories cautioning against suspicious investment offers, particularly those circulating via WhatsApp or Telegram groups that promise guaranteed returns of 30% or higher. They also warned against clicking on unverified links, trusting fabricated profit screenshots, or transferring money to personal bank accounts for share or IPO-related purposes.

Case Significance

The case highlights the growing complexity of cyberfraud schemes, emphasizing the need for heightened vigilance and robust digital security measures.

“The National Cyber Crime Reporting Portal also flagged 20 complaints tied to the account, indicating its involvement in broader fraudulent activities.”