The Surat Cyber Crime Police have arrested two men — Gautam Savani, 36, and Jaydeep Savani, 34 — allegedly involved in arranging a bank account used to channel proceeds from an investment scam in which a complainant lost ₹5.29 lakh. Investigators found that the same Axis Bank account recorded transactions worth ₹2.09 crore in under three months and was linked to 20 complaints from multiple states.

How the Scam Unfolded

The alleged fraud took place between 28 July and 24 September 2024. The complainant was reportedly added to a WhatsApp group called 'W1-1 The Wealth Code' and promised returns of between 30% and 150% on stock market investments. Fabricated photographs of share profits and a link to a fake website — privilegedfyer.com — were allegedly used to induce the victim into opening an account on the platform.

The complainant subsequently transferred ₹5.29 lakh across multiple bank accounts, purportedly for purchasing shares and IPOs. While fictitious profits appeared in the account, the victim was allegedly blocked from withdrawing funds and pressured to invest more — a hallmark of what investigators describe as a 'pig butchering'-style investment scam.

The Money Mule Operation

Investigators described the banking arrangement as a classic 'money mule' setup. An Axis Bank account was allegedly opened in the name of Yash Kotecha, 29, a Surat-based businessman who was arrested earlier in the case. Gautam and Jaydeep allegedly retained the mobile number, SIM card, and signed blank cheques linked to the account, effectively controlling it without being the named holder.

Between 20 June and 9 September 2024, the account recorded total transactions of ₹2,09,17,352. Of the complainant's funds, ₹15,000 was traced directly to this account. The National Cyber Crime Reporting Portal flagged 20 complaints or applications from different states connected to the same account, according to the investigation.

Police said cash commissions or other remuneration were allegedly offered for the use of such accounts. A financial dispute later emerged between the accused and Kotecha: Gautam had allegedly paid Kotecha ₹1.50 lakh in cash as an advance; after ₹50,000 was returned, a dispute reportedly arose over the remaining ₹1 lakh.

Accused Background and Prior Cases

Both men were traced through a combination of human intelligence and technical investigation. They had already been arrested in a separate cyber fraud case registered at the CID Cyber Crime Police Station in Gandhinagar; Surat police subsequently obtained their custody via transfer warrants.

Gautam Savani's criminal history, according to police, includes a murder case registered at Katargam Police Station in 2015 under Section 302 of the IPC, and a GUJCTOC case registered at Utran Police Station in 2023. Jaydeep Savani allegedly accompanied Kotecha to the Axis Bank branch at Sarthana to open the account and retained the SIM card and signed blank cheques.

Legal Sections and Police Advisory

The case has been registered at the Surat Cyber Crime Police Station under Sections 318(4), 317(4), 336(2), 338, 336(3), 340(2), 61(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023, and Section 66(D) of the Information Technology Amendment Act, 2008.

Police have advised the public to avoid acting on investment offers received through WhatsApp or Telegram groups, particularly those promising guaranteed returns of 30% or more. They have also cautioned against clicking unknown investment links, trusting screenshots of profits, or transferring money to personal bank accounts for IPOs or share purchases.

With the probe still active and multiple state complaints linked to a single account, investigators are expected to widen the net to identify other members of the network.