How Did Gujarat Police Uncover an International Cyber Crime Syndicate?
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Synopsis
In a groundbreaking operation, the Surat Police have dismantled a vast international cyber fraud syndicate, revealing a complex scheme that duped over 11,000 investors. This article delves into the intricate details of the fraud, the key suspects involved, and the ongoing investigation that spans multiple states.
Key Takeaways
- Massive international cyber fraud detected in Surat.
- Over 11,000 investors defrauded by false promises.
- Fraudulent companies like 'IV Trade' used to lure victims.
- Investors awarded ranks based on their investments.
- Police seized significant evidence during raids.
Surat, July 5 (NationPress) The cybercrime unit of Surat Police in Gujarat has dismantled a significant international cyber fraud ring that deceived thousands of investors with unrealistic claims of high returns from the stock market.
Initial investigations reveal that the syndicate executed transactions totaling more than Rs 235 crore via bank accounts and approximately Rs 100 crore through the informal ‘angadia’ network.
DCP Crime Branch Bhavesh Rojiya stated, "This fraudulent group operated under the guise of fake companies such as 'IV Trade (Innovative Trade)' and 'Sky Growth Wealth Management,' enticing individuals to invest in the stock market with promises of astonishing monthly returns between 7% and 11%."
To join the scheme, participants were required to commit to a minimum lock-in period of 18 months. The fraud was cleverly designed around a Multi-Level Marketing (MLM) pyramid structure, where current investors were rewarded for recruiting new ones.
Investors were assigned various "ranks" based on their investment amounts, along with enticing bonuses: Bronze Rank – Investment of US $25,000, Silver Rank US $50,000, Gold Rank US $100,000, and Platinum Rank – US $250,000.
The scheme managed to defraud over 11,000 investors, many of whom remained oblivious to the scam until complaints began to emerge nationwide.
Following a tip-off, police carried out raids in Surat and Rajkot, apprehending three primary suspects: Danish alias Hemal Navinchandra Dhanak, Jaysukh Ramjibhai Patolia, and Yashkumar Kalubhai Patolia. Danish is suspected to be the mastermind behind the operation, collaborating with his father Navinbhai and brother Dipen Navinchandra Dhanak.
During the raids, authorities confiscated a substantial amount of incriminating evidence, including company documents, mobile devices, laptops, tablets, routers, diaries, chequebooks, and approximately Rs 40 lakh in cash.
Further investigations, utilizing data from the National Cyber Crime Reporting Portal, disclosed that complaints regarding the bank accounts associated with this syndicate have been lodged in 14 states: Bihar, Haryana, Tamil Nadu, West Bengal, Jharkhand, Karnataka, Maharashtra, Telangana, Delhi, Uttar Pradesh, Andhra Pradesh, Kerala, Manipur, and Madhya Pradesh.
DCP Rojiya additionally disclosed, “Some of the principal conspirators have escaped to Dubai. Our investigation continues, and we are working together to repatriate them.”
Point of View
It is crucial to recognize the persistent threat posed by cyber fraud. This case in Gujarat underscores the need for heightened awareness and precaution among investors. The rapid evolution of digital scams demands that we remain vigilant and informed, as these schemes can exploit even the most unsuspecting individuals.
NationPress
27/07/2025
Frequently Asked Questions
What was the nature of the fraud in Gujarat?
The fraud involved an international cyber syndicate that promised high returns on stock market investments, ultimately defrauding over 11,000 investors.
How much money was involved in the scam?
The syndicate executed transactions exceeding Rs 235 crore through bank accounts and around Rs 100 crore through informal networks.
What are the ranks in the fraud scheme?
Investors were given ranks based on their investments, ranging from Bronze Rank at US $25,000 to Platinum Rank at US $250,000.
How did police uncover the fraud?
The police acted on intelligence and conducted raids, arresting key suspects and seizing incriminating materials.
Are there ongoing investigations related to this case?
Yes, investigations are ongoing, and authorities are coordinating efforts to track down conspirators who have fled abroad.
