Surat-Based Firms Accused in ₹1,400 Crore Investment Fraud Across 23 States

Surat Cyber Police have uncovered a massive ₹1,438 crore investment scam involving shell companies that promised high returns on stock and forex investments. The funds were funneled to Dubai through angadia networks and unregistered accounts. Key suspects have been arrested, and over 171 cyber complaints were registered across 23 states. Investigations are ongoing, with authorities coordinating to trace international links and freeze remaining assets.

By Ashik Kumar Jul 21, 2025, 10:40 IST

Surat, A massive multi-state investment fraud amounting to ₹1,438 crore has been uncovered by the Surat Cyber Crime Police. The fraudulent scheme, active since 2022, operated under the guise of high-return investments in the stock and forex markets and rerouted public money to Dubai via unauthorized financial channels.

The fraudsters ran the operation through several Surat and Rajkot-based firms including IV Trade, Sky Growth Wealth Management, Praviyo Solution Pvt Ltd, and DG Pocket Solution Pvt Ltd. These companies promised monthly returns of 7–11% and targeted investors across India using aggressive marketing tactics.

Money Laundering Through Angadia Network and Bogus Accounts

Investigators discovered that the collected funds were laundered through a network of shell accounts and hawala-style angadia systems, bypassing regulatory oversight. Forensic audits revealed that over ₹335 crore was directly tied to the main accused, while total illicit fund movements topped ₹1,438 crore. An additional ₹100 crore is suspected to have been transferred through angadia services.

Raids conducted by law enforcement agencies led to the seizure of ₹40 lakh in cash, fake documents, bank transaction records, and details of illegal money transfers.

Key Accused: Jaysukh Patoliya and Hemal ‘Danish’ Dhanak

Police arrested two of the scheme’s masterminds — Jaysukh Patoliya and Hemal Dhanak (alias Danish). Danish’s brother-in-law, Ajay alias Gopal Bhindi, who reportedly managed backend finances and angadia operations, was also taken into custody.

Nationwide Footprint: 171 Cyber Cases Across 23 States

The scam came to light following a surge in cyber complaints through the National Cyber Crime Reporting Portal. So far, 171 complaints have been registered across 23 Indian states, pointing to a well-coordinated pan-India scam. Authorities confirmed that none of the firms held licenses or approvals from the RBI or SEBI, rendering their entire investment model illegal under Indian law.

The investigation is still ongoing, with more arrests likely. Authorities are working alongside central agencies to trace fund flows overseas and identify any accomplices in Dubai or beyond.