Surat Cyber Police arrest man in ₹1.52 crore investment fraud across 22 states
Synopsis
A ₹1.52 crore fake share market investment fraud that ensnared victims across 22 states has led to a fourth arrest — a commission-based bank account supplier traced to a newly changed address in Devbhumi Dwarka. With 318 NCCRP complaints and multiple absconding accused still at large, Surat Cyber Crime Police say the investigation is far from over.
Key Takeaways
Riyaz alias Shoaib Mirza , 32 , was arrested from Khambhalia , Devbhumi Dwarka, by Surat Cyber Crime Police .
The alleged fraud totalled ₹1,52,63,198 , with victims targeted between 14 November 2025 and 10 February 2026 .
Bank accounts linked to the case drew 318 complaints across 22 states and Union Territories on the NCCRP.
Riyaz allegedly procured bank accounts on a 3% commission and supplied them to other accused for routing fraud proceeds.
Three other accused — Mineshkumar Solanki , Anil Gupta , and Vikas Singh Bhadoria — had been arrested earlier in the same case.
Investigation into remaining absconding accused is ongoing.
Surat Cyber Crime Police have arrested Riyaz alias Shoaib Mirza, 32, from Khambhalia in Devbhumi Dwarka district, Gujarat, in connection with an alleged ₹1.52 crore online investment fraud that drew 318 complaints across 22 states and Union Territories. The arrest followed a technical investigation that traced the accused to his newly changed residence.
How the Fraud Operated
According to police, the complainant was targeted between 14 November 2025 and 10 February 2026 by individuals who promised higher returns through dollar investments in the share market. The accused allegedly directed the complainant to a fake website carrying forged electronic content and persuaded him to register and create a trading account.
The complainant subsequently transferred a total of ₹1,52,63,198 across multiple bank accounts allegedly provided through the fraudulent websites and customer service channels. The victim was later prevented from withdrawing any of the deposited funds.
Role of the Arrested Accused
Riyaz allegedly procured bank accounts from previously arrested individuals by paying them a three per cent commission. He then supplied these accounts to other absconding accused for routing money generated through cyber fraud, earning further commission on each transaction facilitated.
Police Inspector Y.S. Sisodia and his team, along with Assistant Police Constable Hardikkumar Gagjibhai and other personnel, conducted the technical surveillance that pinpointed Riyaz's location in Khambhalia, prompting a team to travel from Surat to Devbhumi Dwarka for the arrest.
Scale of the Alleged Network
A check of the bank accounts cited in the FIR on the National Cyber Crime Reporting Portal (NCCRP) revealed 318 complaints filed across 22 states and Union Territories. The highest volume of complaints came from Tamil Nadu (60), followed by Gujarat (49), Maharashtra (35), Telangana (26), and Karnataka (26).
Additionally, seven first-layer NCCRP complaints were linked to a specific IndusInd Bank account that Riyaz allegedly obtained from one of the previously arrested accused on commission. Those complaints originated from Gujarat, Karnataka, Kerala, and Tamil Nadu.
Earlier Arrests and Legal Sections
Three individuals had already been arrested in the case before this latest development: Mineshkumar Solanki, 26, of Ahmedabad (permanent address in Patan district, Gujarat); Anil Gupta, 39, of Ahmedabad (permanent address in Deoria district, Uttar Pradesh); and Vikas Singh Bhadoria, 34, of Ahmedabad (permanent address in Agra district, Uttar Pradesh).
A case has been registered at the Cyber Crime Police Station under Sections 318(4), 336(2), 338, 336(3), 340(2), 61(2), and 3(5) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66(D) of the Information Technology Amendment Act, 2008. Investigation into other absconding accused is continuing.
Point of View
Providing critical financial infrastructure while maintaining plausible distance from the actual deception. With 318 NCCRP complaints across 22 states, this is not a local crime; it is a distributed network that exploited the absence of real-time account-linking alerts. The three per cent commission model is cheap enough to recruit widely and expensive enough to keep participants motivated — a structural vulnerability that better KYC enforcement at the onboarding stage could disrupt. Until account-opening due diligence matches the speed of digital payments, such networks will keep finding willing suppliers.
NationPress
18 Aug 2026
Frequently Asked Questions
Who was arrested in the Surat cyber fraud case?
Riyaz alias Shoaib Mirza, a 32-year-old from Khambhalia in Devbhumi Dwarka district, was arrested by Surat Cyber Crime Police. He is accused of supplying bank accounts used to route money generated through the ₹1.52 crore online investment fraud.
How did the ₹1.52 crore investment fraud work?
Fraudsters targeted the complainant between 14 November 2025 and 10 February 2026, promising higher returns through dollar investments in the share market. They directed the victim to a fake website, persuaded him to register an account, and then collected ₹1,52,63,198 across multiple bank accounts before blocking all withdrawal attempts.
How widespread is the alleged fraud network?
Bank accounts cited in the FIR are linked to 318 complaints filed across 22 states and Union Territories on the National Cyber Crime Reporting Portal (NCCRP). Tamil Nadu recorded the highest number of complaints at 60, followed by Gujarat at 49 and Maharashtra at 35.
Who are the other accused arrested in this case?
Three individuals were arrested before Riyaz: Mineshkumar Solanki (26, Ahmedabad, originally from Patan, Gujarat), Anil Gupta (39, Ahmedabad, originally from Deoria, Uttar Pradesh), and Vikas Singh Bhadoria (34, Ahmedabad, originally from Agra, Uttar Pradesh). Investigation into remaining absconding accused continues.
Under which laws has the case been registered?
The case is registered under Sections 318(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, at the Cyber Crime Police Station in Surat.
