₹1,438 crore scam: Surat cyber crime police expose Dubai investment racket

Surat Cyber Crime Police have uncovered a massive racket that lured investors with high returns and sent funds to Dubai without SEBI-RBI approval, revealing transactions worth over ₹1,438 crore across various bank accounts.

Raids were conducted at IV Trade, Sky Growth Wealth Management, Praviyo Solution Pvt Ltd, and DG Pocket Solution Pvt Ltd operating in Surat and Rajkot since 2022. The firms promised monthly returns of 7–11% under the guise of stock and currency market investments, collecting crores and routing the money abroad.

During the raids, the police seized documents, ₹40 lakh in cash, bank details, and angadia transaction records, tracing ₹335 crore in transactions. The accused, Jaysukh Patoliya and Danish alias Hemal Dhanak, were arrested, along with Danish’s brother-in-law Ajay alias Gopal Bhindi, who managed financial and angadia transactions.

Investigations revealed ₹1,438 crore transactions in accounts linked to the accused, with an additional ₹100 crore moved via angadia channels. The racket has 171 cyber fraud complaints registered across 23 states on the National Cyber Crime Reporting Portal.

The probe is ingoing into the matter.