Cyberfraud syndicate that routed Rs 4cr to Dubai via forex cards busted

Ahmedabad: The CID (crime) cyber cell on Monday busted a cyber fraud network linked to at least 289 online cheating cases across multiple states, with investigators finding that large sums were siphoned out of India and withdrawn in Dubai using forex prepaid cards.A complaint was filed by police sub-inspector Disha Dabhi of the CID (crime) cyber cell, Gandhinagar, against eight accused, following inputs from the Financial Intelligence Unit (FIU), Delhi. The FIU flagged 26 suspicious savings bank accounts operated from the Veraval branch in Gir Somnath district, which together received Rs 1.29 crore in cash deposits. Further scrutiny revealed that an additional Rs 2.97 crore was transferred into these accounts from 54 savings and current accounts through NEFT, RTGS and IMPS transactions.
Investigators found that after layering the funds domestically, the accused allegedly siphoned off Rs 4.26 crore by converting the money into forex prepaid cards and withdrawing cash in Dubai — an emerging method used by cyberfraudsters to move proceeds overseas while evading detection.Technical analysis of linked mobile numbers, IP addresses and gmail IDs led the probe to Abdul Panwala and Mustak Khanani, both residents of Veraval. During interrogation, Panwala allegedly admitted that 20 of the 26 accounts were opened in the names of different individuals, while one IndusInd Bank account belonged to him. Funds routed into these accounts were converted into forex cards, withdrawn abroad and distributed after deducting commission.Police said Khanani was linked to the remaining six accounts and followed a similar modus operandi, passing proceeds to associates based in Veraval and Mumbai. The investigation also traced two HDFC Bank accounts linked to firms AS Fishers and TSB Fish Traders, whose proprietors allegedly handed over account control to other accused for routing cyberfraud money.A check on the National Cyber Crime Reporting Portal (NCCRP) revealed that while seven cyberfraud complaints were directly linked to some of the 26 savings accounts of Veraval, a wider network of 54 accounts was connected to 289 cyberfraud cases reported from various states.Those named in the FIR include Panwala, Khanani, Shabbir Bhadela, Wasim Bhadela and Mohammed Taha Bhadela from Thane; Maksud Sorathia and Sakib Hala from Veraval; and Afzal Varvani from Ghatkopar. The execution of the frauds began as early as May 12, 2023, said police.The CID cyber cell has registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita and Section 66(d) of the IT Act for cheating and breach of trust. Further investigation was underway to trace the money trail, identify victims and uncover additional links in the network.