Rajkot: In a major breakthrough under “Operation Mule Hunt,” Rajkot Rural Police have arrested a bank manager and two personal bankers for their alleged role in a nationwide cyber fraud syndicate, with investigators now estimating total transactions to have crossed ₹2,500 crore—significantly higher than the earlier ₹1,500 crore estimate. With these arrests, the total number of accused held in the case has risen to 17.

The arrested individuals have been identified as Kalpesh Dangariya, currently a manager at Axis Bank and formerly associated with Yes Bank branches in Jamkandorna, Movia and Padadhari; Maulik Kamani, a BBA graduate who worked as a personal banker at Yes Bank; and Anurag Baldha, a former Yes Bank personal banker who is currently employed with HDFC Bank.

According to Rajkot Rural Superintendent of Police Vijaysinh Gurjar, the accused leveraged their positions and in-depth knowledge of banking systems to assist cyber fraud networks in exchange for commissions and personal financial gain.

Banking system exploited

Police said the accused facilitated the opening of at least 85 bank accounts, primarily in Yes Bank, Axis Bank and ICICI Bank, using unsuspecting individuals’ names as proprietors of fake firms. To bypass scrutiny and enable large cash withdrawals, forged letters from Rajkot and Gondal Agriculture Produce Market Committees (APMCs) were used.

By categorising these accounts as agricultural entities, the syndicate allegedly exploited tax exemptions, allowing large-scale transactions to go undetected by authorities.

In one instance, Anurag Baldha allegedly permitted a co-accused to forge signatures on account-opening forms and cheque books in the name of a third party. Kalpesh Dangariya is also accused of coordinating cash withdrawals across multiple bank branches to overcome liquidity constraints.

Scale of fraud widens

The probe has revealed that over ₹2,500 crore has been transacted through these accounts. So far, cyber fraud worth ₹74 crore has been reported across 1,930 complaints registered on the National Cyber Crime Reporting Portal (NCCRP). Investigators have also found that the accounts were used not only for cyber fraud but also for illegal online gaming and GST evasion.

Probe intensifies

Police have begun verifying original bank documents and account-opening forms to identify additional fraudulent accounts and possible involvement of more individuals. Given the complexity and scale of the financial trail, chartered accountants have been roped in to assist in the investigation.

Officials said both the number of accused and the total fraud amount are likely to increase as the probe progresses. DeshGujarat