In a significant crackdown on financial fraud, the Ahmedabad City Crime Branch has apprehended two individuals for allegedly masterminding a sophisticated network involved in creating fictitious companies and bank accounts. The arrested have been identified as Akash Soni (31), a chartered accountant, and Manoj Ramawat (44), a former bank executive.
The Raid and Seizure of Evidence
The arrests followed a targeted raid conducted at the office of 'Akash Soni & Company,' situated on the busy CG Road in Ahmedabad. During the operation, police officials confiscated a substantial cache of materials that are crucial to their investigation. The seized items include:
- 12 mobile phones
- 3 laptops and 1 hard disk
- 2 pen drives
- 27 debit cards and 26 SIM cards
- Multiple company seals and stamps
- Micro-ATMs and fingerprint scanners
- Bank checkbooks and nameplates
Modus Operandi of the Fraudulent Scheme
According to the police, the duo orchestrated a complex scheme involving the creation of over 54 bogus companies and corresponding bank accounts. Out of these, 15 accounts remain active. Their primary service was facilitating clients to open these fake entities for a commission.
"The duo facilitated the opening of fake companies and bank accounts for clients, enabling them to withdraw large sums of money while earning a commission from them," explained a police officer involved in the case. They manipulated financial records by making fake sales and purchase entries to show the necessary turnover required for securing term loans.
A key aspect of their operation involved selling these ready-made bogus companies and accounts to clients. Furthermore, they facilitated large unauthorized cash withdrawals by misusing fake Agricultural Produce Market Committee (APMC) accounts. To maintain control, the accused retained possession of the SIM cards, passbooks, and checkbooks linked to these accounts, ensuring the actual individuals on paper remained oblivious to the transactions conducted in their names.
Cyber Fraud Links and Ongoing Probe
The investigation has revealed a direct connection to cybercrime. Police confirmed that at least four of the recovered accounts were directly used for carrying out cyber frauds. Complaints linked to these fraudulent transactions have been registered in multiple metropolitan cities across India, including Delhi, Ghaziabad, Bangalore, and Mumbai.
The Crime Branch is now delving deeper into the web of bogus accounts, companies, and the legitimacy of the APMC license used in the scam. Authorities are also investigating the extent of the duo's involvement in cybercrime and their potential associations with other organized cybercrime gangs operating in the region.
This case highlights a growing trend of professionals exploiting systemic loopholes to enable financial fraud, posing a significant challenge to law enforcement agencies.
