Daijiworld Media Network - Ahmedabad

Ahmedabad, Apr 2: The cyber crime branch has uncovered a widespread network of bank accounts connected to at least 41 cyber fraud cases across India, leading to the arrest of six individuals allegedly involved in facilitating a larger cryptocurrency scam operation.

The investigation began after a local resident reported being cheated of Rs 57.9 lakh through a fake crypto investment scheme that promised high returns. According to police, the victim was initially contacted on Facebook, where the accused built trust before convincing him to invest. He was directed to download an app named “CBOE US” and invest in USDT (Tether). Over the course of nearly 24 transactions, the victim transferred funds into multiple bank accounts provided by the fraudsters. Suspicion arose when he was later asked to make additional payments to withdraw his money, prompting him to approach the authorities.

Using a mix of technical tracking and field intelligence, investigators traced the flow of money into a cluster of bank accounts allegedly arranged by the accused. Officials identified five main accounts, four of which have links to dozens of fraud complaints registered in different states. These accounts are believed to have handled transactions worth around Rs 1.5 crore.

The accounts were opened under the name “Crystal Interior Designers Private Limited” across several banks, including ICICI Bank, IndusInd Bank, Yes Bank, and Bandhan Bank. Police said the accused acted as account holders and facilitators, enabling the movement and withdrawal of fraudulently obtained funds.

The probe also revealed a larger interstate network involving handlers and middlemen who coordinated the opening of accounts, managed transactions, and even transported account holders to New Delhi for financial operations. A key accused Mayur Savaliya, is believed to be operating from Dubai and remains absconding.

Those arrested include Tahir Belim, Adnan Sheikh, Ajaz Sheikh, Omkar Goswami, Maqsud Mirza, and Sunny Ashok Kumar Maggo, who is based in Delhi. Police said the Delhi-based accused allegedly shared bank account details with Savaliya, who coordinated activities and issued instructions from abroad.

Assistant Commissioner of Police Hardik Makadia explained that the scam followed a common pattern where victims are approached on social media, emotionally engaged, and then persuaded to invest in fake cryptocurrency platforms. Instead of genuine wallets, victims are given bank account details where funds are deposited.

A case has been registered under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. Authorities are continuing their investigation to trace the money trail, identify more victims, and apprehend the absconding mastermind while probing the involvement of others linked to the syndicate.