Cyber racket busted in Gujarat; 10 arrested

Bhavnagar Police have dismantled a large-scale cyber fraud racket operating across multiple states, involving financial fraud exceeding Rs 21.37 crore.

The police have arrested 10 accused, including the kingpin, and initiated legal action under stringent provisions. According to officials, the gang operated through a well-organized network led by a mastermind who appointed managers to oversee operations.

The group targeted unsuspecting individuals, luring them into opening bank accounts under their names. These accounts were then used to channel fraudulent funds. The accused collected essential banking materials such as passbooks, cheque books, ATM cards, and SIM cards from account holders.

 The fraudulently obtained money was deposited into these accounts and later withdrawn in cash using cheques and ATMs. The gang employed individuals on a salary and commission to facilitate these transactions.

Further investigation revealed that the cash was routed through traditional angadia networks to various locations. Subsequently, the money was converted into cryptocurrencies, including USDT, and transferred abroad, indicating an international dimension to the scam.