Surat, August 19, 2026 (Yes Punjab News)
The Surat Cyber Crime Police have arrested two men for allegedly arranging a bank account used to route proceeds of cyber fraud, while investigating an investment scam in which a complainant was allegedly duped of Rs 5.29 lakh.
The accused have been identified as Gautam Savani, 36, and Jaydeep Savani, 34. Police said the bank account under investigation recorded transactions worth Rs 2.09 crore in less than three months and was linked to 20 complaints or applications filed from different states.
Both accused had earlier been arrested in a separate cyber fraud case registered by the CID Cyber Crime Police Station in Gandhinagar. Surat Police subsequently obtained their custody through transfer warrants.
According to the investigation, the case concerns an alleged investment scam carried out between July 28 and September 24, 2024. The complainant was allegedly added to a WhatsApp group named “W1-1 The Wealth Code” and offered purported returns ranging from 30 per cent to 150 per cent on stock market investments.
The accused allegedly shared fabricated screenshots showing substantial profits and sent the complainant a link to a fake investment website, “privilegedfyer.com”. The complainant was allegedly induced to transfer Rs 5.29 lakh to different bank accounts for purchasing shares and participating in IPOs.
Although profits were displayed in the purported investment account, the complainant was allegedly prevented from withdrawing the funds and was instead encouraged to invest more money.
Police said their investigation identified an Axis Bank account opened in the name of Yash Kotecha, 29, a Surat-based businessman who had earlier been arrested in the case. Gautam and Jaydeep allegedly retained the mobile number, SIM card and signed blank cheques associated with the account.
Investigators said the account was allegedly used as a “money mule” account to receive and transfer suspected cyber fraud proceeds. According to police, people providing such accounts were allegedly paid cash commissions or other remuneration.
The investigation found that Rs 15,000 belonging to the complainant was deposited into the Axis Bank account. Between June 20 and September 9, 2024, the account recorded transactions totalling Rs 2,09,17,352.
The National Cyber Crime Reporting Portal also showed 20 complaints or applications from different states allegedly linked to the account.
Police alleged that Gautam played a key role in arranging the account with Jaydeep and other accused and retaining its banking credentials. He has previously faced 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 allegedly assisted in arranging the account and accompanied Yash to an Axis Bank branch at Sarthana for its opening. He was also allegedly involved in retaining the SIM card and signed blank cheques.
The investigation also revealed a financial dispute between the accused and Yash. Police said Gautam had allegedly given Yash Rs 1.50 lakh in cash as an advance. After Rs 50,000 was returned, a dispute reportedly arose over the remaining Rs 1 lakh.
A case has been registered under relevant provisions of the Bharatiya Nyaya Sanhita, 2023, and Section 66(D) of the Information Technology Act.
Police have advised people to exercise caution while responding to investment offers received through WhatsApp or Telegram groups, particularly those promising guaranteed returns of 30 per cent, 50 per cent or more. They have also warned people against clicking on unknown investment links, relying on screenshots showing purported profits or transferring money to personal bank accounts for IPOs and share purchases.
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