AHMEDABAD: In a major crackdown on an inter-state cybercrime network, Gujarat’s East Kutch Police have arrested 13 accused across eight states for allegedly siphoning off Rs 8.46 crore from a Yes Bank account through 210 fraudulent transactions.
The gang allegedly accessed net banking without an OTP or the account holder’s authorisation, using bogus shell companies and rented bank accounts to transfer the stolen money. Police have managed to freeze more than Rs 3.84 crore of the defrauded amount.
The case came to light after a Gandhidham-based businessman in Gujarat, who runs Maruti Logistics, discovered unauthorised transactions from his Yes Bank account and approached the Gandhidham Cyber Crime Police Station.
A complaint was registered on November 5, triggering an extensive investigation under the supervision of East Kutch Superintendent of Police Sagar Bagmar.
According to investigators, the scale and speed of the fraud were staggering. Within just two hours, the cybercriminals allegedly executed 210 transactions, transferring a total of Rs 8,46,07,849 into multiple bank accounts. The transactions were designed to disperse the money across different banking channels, making it difficult to trace and recover.
East Kutch SP Sagar Bagmar said the victim's account had been compromised without the usual OTP-based authorisation, raising serious questions about the methods used to breach the banking system.
"An individual from Gandhidham, who operates Maruti Logistics, reported that money had been fraudulently withdrawn from his Yes Bank account. More than Rs 8 crore was transferred through over 210 transactions within just two hours. Following the complaint, police immediately began tracing the digital money trail and identifying the accounts into which the funds had been transferred," Bagmar said.
He added that the police had formed multiple teams to track the accused and prevent the stolen money from disappearing into the financial network.
"So far, more than Rs 3.84 crore transferred through different banks has been placed on hold or frozen. We constituted several teams and dispatched them to different states. Their coordinated efforts have resulted in the arrest of 13 suspects," he said.
The investigation involved the Cyber Crime Police and Local Crime Branch (LCB), with 10 police teams conducting operations across the country. Using technical surveillance, digital transaction records and bank account tracing, investigators followed the money trail to multiple states, including Gujarat, Rajasthan, Assam, Chhattisgarh and Telangana.
Police said the accused allegedly used shell companies and bank accounts obtained on rent to receive and route the stolen funds, exposing an organised network rather than an isolated cyber fraud.
During the operation, police seized 14 mobile phones, two laptops and one CPU, which are expected to provide crucial evidence about the gang's operations and financial transactions.
While the arrest of 13 accused and the freezing of Rs 3.84 crore mark a significant breakthrough, investigators are continuing to examine the financial trail to identify other suspects, beneficiary accounts and the remaining defrauded amount.