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Time of India
a day ago
- Time of India
Massive cybercrime racket busted in Surat: Rs 1,455 crore laundered through 90 bank accounts; accounts tied to Cuba, Malaysia, Thailand
SURAT: The investigation into a massive international cybercrime racket busted last month in Surat has revealed a staggering Rs 1,455 crore was laundered through 90 bank accounts that were opened by misusing documents of needy people over the last six months. The total amount siphoned off could rise to Rs 2,000 crore, as the police are yet to examine details of another 75 suspicious accounts. The racket was unearthed on May 22, when Udhna police detained a man carrying suspicious stamps and bank kits. The probe led to a raid at an office in Mota Varachha operated by Kirat Jadwani, Meet Khokhar, and Mayur Italiya, all of whom were subsequently arrested. Police recovered a trove of incriminating documents, cash, stamps, and banking kits. According to investigators, an international cybercrime syndicate — with operatives based in Cuba, Malaysia, and Thailand — used these accounts to park defrauded money linked to various online scams. The accounts were opened in private banks such as RBL, Axis, Yes Bank, and Kotak Mahindra, primarily through their branches in Vesu, Sahara Darwaja, and Varachha. Another major revelation during the probe was that 2,500 cybercrime complaints across India were linked to 165 bank accounts connected with the accused. Of these, 265 complaints were from Gujarat, including 36 from Surat cyberfraud victims alone. Deputy commissioner of police (zone-2) Bhagirath Gadhvi confirmed that Rs 1,455 crore worth of transactions were recorded in the 90 RBL bank accounts scrutinized over the past six months. "Some accounts had transactions ranging between ₹10 crore and ₹50 crore. Complaints on the national cybercrime portal confirmed these accounts were used to route funds from digital arrest scams, online betting, and other cyber frauds," Gadhvi told TOI. Udhna police inspector SN Desai added, "We found 2,500 cybercrime complaints linked to these accounts nationwide. The scale and spread of this fraud are unprecedented." Jadwani, one of the key accused, had reportedly suffered heavy losses in the warehouse business after which he turned to cybercrime in July 2024. He would identify individuals in financial distress and pay them up to Rs 8 lakh in exchange for their identity documents, which were then used to open current accounts. Some of these accounts were also opened in the names of non-existent companies. Jadwani allegedly earned around Rs 10 crore in commissions for renting out these accounts to cybercriminals. Desai added: "We found Rs 1.40 crores from Jadwani's accounts, which were frozen. In 90 bank accounts we checked, we found that Rs 1.10 crores was seized by different agencies and banks." Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
a day ago
- Time of India
Massive cybercrime racket busted in Surat: Rs 1,455 crore laundered through 90 bank accounts
SURAT: The investigation into a massive international cybercrime racket busted last month in Surat has revealed a staggering Rs 1,455 crore was laundered through 90 bank accounts that were opened by misusing documents of needy people over the last six months. The total amount siphoned off could rise to Rs 2,000 crore, as the police are yet to examine details of another 75 suspicious accounts. The racket was unearthed on May 22, when Udhna police detained a man carrying suspicious stamps and bank kits. The probe led to a raid at an office in Mota Varachha operated by Kirat Jadwani, Meet Khokhar, and Mayur Italiya, all of whom were subsequently arrested. Police recovered a trove of incriminating documents, cash, stamps, and banking kits. According to investigators, an international cybercrime syndicate — with operatives based in Cuba, Malaysia, and Thailand — used these accounts to park defrauded money linked to various online scams. The accounts were opened in private banks such as RBL, Axis, Yes Bank, and Kotak Mahindra, primarily through their branches in Vesu, Sahara Darwaja, and Varachha. Another major revelation during the probe was that 2,500 cybercrime complaints across India were linked to 165 bank accounts connected with the accused. Of these, 265 complaints were from Gujarat, including 36 from Surat cyberfraud victims alone. Deputy commissioner of police (zone-2) Bhagirath Gadhvi confirmed that Rs 1,455 crore worth of transactions were recorded in the 90 RBL bank accounts scrutinized over the past six months. "Some accounts had transactions ranging between ₹10 crore and ₹50 crore. Complaints on the national cybercrime portal confirmed these accounts were used to route funds from digital arrest scams, online betting, and other cyber frauds," Gadhvi told TOI. Udhna police inspector SN Desai added, "We found 2,500 cybercrime complaints linked to these accounts nationwide. The scale and spread of this fraud are unprecedented." Jadwani, one of the key accused, had reportedly suffered heavy losses in the warehouse business after which he turned to cybercrime in July 2024. He would identify individuals in financial distress and pay them up to Rs 8 lakh in exchange for their identity documents, which were then used to open current accounts. Some of these accounts were also opened in the names of non-existent companies. Jadwani allegedly earned around Rs 10 crore in commissions for renting out these accounts to cybercriminals. Desai added: "We found Rs 1.40 crores from Jadwani's accounts, which were frozen. In 90 bank accounts we checked, we found that Rs 1.10 crores was seized by different agencies and banks." Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
a day ago
- Time of India
Surat cybercrime probe uncovers Rs 1,455 crore laundered via 90 bank accounts linked to Global syndicate
SURAT: The investigation into a massive international cybercrime racket busted last month in Surat has revealed a staggering Rs 1,455 crore was laundered through 90 bank accounts that were opened by misusing documents of needy people over the last six months. The total amount siphoned off could rise to Rs 2,000 crore, as the police are yet to examine details of another 75 suspicious accounts. The racket was unearthed on May 22, when Udhna police detained a man carrying suspicious stamps and bank kits. The probe led to a raid at an office in Mota Varachha operated by Kirat Jadwani, Meet Khokhar, and Mayur Italiya, all of whom were subsequently arrested. Police recovered a trove of incriminating documents, cash, stamps, and banking kits. According to investigators, an international cybercrime syndicate — with operatives based in Cuba, Malaysia, and Thailand — used these accounts to park defrauded money linked to various online scams. The accounts were opened in private banks such as RBL, Axis, Yes Bank, and Kotak Mahindra, primarily through their branches in Vesu, Sahara Darwaja, and Varachha. Another major revelation during the probe was that 2,500 cybercrime complaints across India were linked to 165 bank accounts connected with the accused. Of these, 265 complaints were from Gujarat, including 36 from Surat cyberfraud victims alone. Deputy commissioner of police (zone-2) Bhagirath Gadhvi confirmed that Rs 1,455 crore worth of transactions were recorded in the 90 RBL bank accounts scrutinized over the past six months. "Some accounts had transactions ranging between ₹10 crore and ₹50 crore. Complaints on the national cybercrime portal confirmed these accounts were used to route funds from digital arrest scams, online betting, and other cyber frauds," Gadhvi told TOI. Udhna police inspector SN Desai added, "We found 2,500 cybercrime complaints linked to these accounts nationwide. The scale and spread of this fraud are unprecedented." Jadwani, one of the key accused, had reportedly suffered heavy losses in the warehouse business after which he turned to cybercrime in July 2024. He would identify individuals in financial distress and pay them up to Rs 8 lakh in exchange for their identity documents, which were then used to open current accounts. Some of these accounts were also opened in the names of non-existent companies. Jadwani allegedly earned around Rs 10 crore in commissions for renting out these accounts to cybercriminals. Desai added: "We found Rs 1.40 crores from Jadwani's accounts, which were frozen. In 90 bank accounts we checked, we found that Rs 1.10 crores was seized by different agencies and banks." Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Time of India
2 days ago
- Time of India
Rs 1,455 cr siphoned off in cybercrimes laundered using 90 bank accounts
Surat: The investigation into a massive international cybercrime racket busted last month in Surat has revealed a staggering Rs 1,455 crore was laundered through 90 bank accounts that were opened by misusing documents of needy people over the last six months. The total amount siphoned off could rise to Rs 2,000 crore, as the police are yet to examine details of another 75 suspicious accounts. The racket was unearthed on May 22, when Udhna police detained a man carrying suspicious stamps and bank kits. The probe led to a raid at an office in Mota Varachha operated by Kirat Jadwani, Meet Khokhar, and Mayur Italiya, all of whom were subsequently arrested. Police recovered a trove of incriminating documents, cash, stamps, and banking kits. According to investigators, an international cybercrime syndicate — with operatives based in Cuba, Malaysia, and Thailand — used these accounts to park defrauded money linked to various online scams. The accounts were opened in private banks such as RBL, Axis, Yes Bank, and Kotak Mahindra, primarily through their branches in Vesu, Sahara Darwaja, and Varachha. Another major revelation during the probe was that 2,500 cybercrime complaints across India were linked to 165 bank accounts connected with the accused. Of these, 265 complaints were from Gujarat, including 36 from Surat cyberfraud victims alone. Deputy commissioner of police (zone-2) Bhagirath Gadhvi confirmed that Rs 1,455 crore worth of transactions were recorded in the 90 RBL bank accounts scrutinized over the past six months. "Some accounts had transactions ranging between ₹10 crore and ₹50 crore. Complaints on the national cybercrime portal confirmed these accounts were used to route funds from digital arrest scams, online betting, and other cyber frauds," Gadhvi told TOI. Udhna police inspector SN Desai added, "We found 2,500 cybercrime complaints linked to these accounts nationwide. The scale and spread of this fraud are unprecedented." Jadwani, one of the key accused, had reportedly suffered heavy losses in the warehouse business after which he turned to cybercrime in July 2024. He would identify individuals in financial distress and pay them up to Rs 8 lakh in exchange for their identity documents, which were then used to open current accounts. Some of these accounts were also opened in the names of non-existent companies. Jadwani allegedly earned around Rs 10 crore in commissions for renting out these accounts to cybercriminals. Desai added: "We found Rs 1.40 crores from Jadwani's accounts, which were frozen. In 90 bank accounts we checked, we found that Rs 1.10 crores was seized by different agencies and banks." Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
Economic Times
2 days ago
- Business
- Economic Times
Deepest RBI cut in five years will take deposit rates lower
The RBI's deeper than expected 50 basis points rate cut on Friday will hasten a fall in deposit rates as banks will readjust their liabilities to the current rate regime. Banks have already started reducing their deposits rates with some bans pre-empting Friday's cut with an immediate reduction in rates. Governor Sanjay Malhotra said deposit rates have been reduced on retail as well as wholesale by most banks by 40 basis points since the RBI cut its repo rate in February. 'The average reduction in deposit rates is 27 basis points. But there is a lag. On the asset side 45% of the loan book is linked on the external benchmarks which gets immediately transferred. But on the deposit side there is no such mechanism so there is a lag. Despite all this 27 basis points is already transferred on the deposit side,' Malhotra said. One basis point is 0.01 percentage point. In February and April RBI reduced the repo rate by 25 basis points each. The 50 basis point cut on Friday means that the benchmark rate has now been reduced by a cumulative 100 basis points this calendar year. Malhotra said ultimately the rate cuts will have an impact. But just like in the past two cycles the impact will happen with a lag of six to nine have already started to reduce rates in anticipation of the widely expected rate cut. Private sector banks ICICI and Axis both reduced their deposit rates effective June 6. ICICI for example reduced some bulk deposit rates. The bank had already cut its rate for retail deposits with a tenure of 18 months to 2 years by 20 basis points on May 17. Other large lenders State Bank of India, HDFC Bank, Punjab National Bank and Bank of Baroda had already reduced rates in mid to late May, in anticipation of the RBI cut, their websites show. 'For transmission to happen both sides of the balance sheet have to be adjusted. The quantum of the cuts will be decided when our asset liability committee meets but its fair to assume that rates are on the way down,' said Saloni Narayan, DMD, finance, sharp rate cut in the Covid years of 2020-21 had reduced bank deposit rates. Bankers said though it cannot be predicted how low rates will go this time, it is right to say that depositors will have to live with lower rates.'With repo at 5.5% and ample liquidity in the system, it is fair to assume overnight rates at 5.25% which means one year deposit rates cannot go above 6% it 6.25%. With the amount of money in the system, the cost of funds is likely to fall and customers will have to get used to a lower returns,' said Rajiv Anand, DMD, Axis Bank.
