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In one of the most staggering financial crackdowns in Gujarat's history, the Rajkot Rural Police have dismantled a massive digital fraud syndicate. Investigating a web of "mule accounts" and shell companies, authorities have uncovered illicit transactions totaling a jaw-dropping ₹2,500 crore.
What began as a localized investigation into suspicious banking data has now revealed a nationwide criminal network that compromised the integrity of the banking system itself.
The Inside Job: Why Bankers are Under the Scanner
The most shocking revelation of the probe is the involvement of high-ranking banking professionals. Recent arrests include three officials from prominent private banks (Axis Bank, Yes Bank, and HDFC Bank). These individuals allegedly bypassed mandatory RBI guidelines and internal security protocols to facilitate the scam.
According to SP Vijaysinh Gurjar, these bankers were bribed with heavy commissions and expensive gifts to:
Certify forged documents as genuine.
Open 8 to 10 "mule accounts" using the names of innocent citizens without their knowledge.
Suppress internal alerts triggered by high-value, suspicious transactions.
Anatomy of the Racket: 85 Accounts & 35 Dummy Firms
The syndicate operated through a sophisticated infrastructure of 35 dummy proprietorship firms. The breakthrough came when investigators flagged a suspicious account belonging to 'M/s Jyot Trading Company' at the Gondal Marketing Yard, which had recorded unexplained transactions of over ₹200 crore.
So far, the police have identified 85 specific bank accounts used to route digital crime money. The scale of the victim pool is immense; the National Cyber Crime Reporting Portal (NCCRP) has already linked 535 official complaints across India to this specific network.
How the Fraudsters Exploited the System
The racket relied on “mule accounts”bank accounts belonging to real people (often lured with small payments or having their identities stolen) but controlled by criminals.
Account Creation: Bankers used fake identities and APMC-related papers to open accounts.
Layering: Money from various cybercrimes (investment scams, phishing, etc.) was funneled into these accounts.
Hawala Routing: The funds were quickly moved through multiple layers or "hawala" channels to make them untraceable.
A Stern Warning from Authorities
The Rajkot Rural Police, assisted by Chartered Accountants and the Forensic Science Laboratory (FSL), are currently verifying signatures and documents of all accounts opened during the tenure of the arrested bankers.
"This is a massive blow to cyber-criminals," officials stated. The investigation is now shifting focus toward the masterminds who may be operating from outside the state or even international borders. 17 of the 21 accused are currently in judicial custody as the hunt for more collaborators continues.
Read More: Rajkot Cyber Crime Bust: The 2,500 Crore Digital Racket Exposed,3 Bank Managers Among 21 Arrested
