Key accused in ₹120-crore cyber fraud linked to AKTU arrested

The accused, identified as Vijay Dwarkadas Patel, 44, a resident of Chandlodia, Ahmedabad, had allegedly opened a fake account in a private bank by impersonating a bank official and diverted the defrauded funds through hawala transactions, officials said in a statement on Friday.

The cyber crime police station in Lucknow has arrested a key accused in the ₹120-crore cyber fraud case linked to Dr APJ Abdul Kalam Technical University (AKTU). The accused, identified as Vijay Dwarkadas Patel, 44, a resident of Chandlodia, Ahmedabad, had allegedly opened a fake account in a private bank by impersonating a bank official and diverted the defrauded funds through hawala transactions, officials said in a statement on Friday.

The accused played a crucial role in circulating the embezzled funds through multiple accounts across states. (For representation)

Patel, who ran an RTGS and hawala business, played a crucial role in circulating the embezzled funds through multiple accounts across states. His arrest followed an extensive investigation conducted under the direction of the Lucknow police commissioner and supervision of senior officers, including the joint commissioner (crime & headquarters), deputy commissioner of police (crime), and additional deputy commissioner (cyber crime). The operation was led by inspector Brijesh Kumar Yadav, the in-charge of the cyber crime police station, the statement said.

According to officials, the case originated on June 12, 2024, when Anuj Kumar Saxena, branch manager of Union Bank, lodged a complaint stating that cyber criminals posing as AKTU officials had approached the bank with a proposal to create a fixed deposit (FD) of ₹100 crore or more. Acting on forged documents, the fraudsters managed to transfer ₹120 crore from AKTU’s account to a fake account.

Investigations revealed that the accused used fake email IDs and forged documents to execute the fraud. They communicated with the bank through the addresses of a private bank’s website and fo@aktufinance.in, posing as representatives of AKTU and Union Bank. Fake authorisation letters, KYC forms and visiting cards were used to open a forged FD account at the private bank’s Vidhan Sabha Marg (Hazratganj) branch in the name of AKTU. Of the ₹120 crore transferred from the university’s government fund account, ₹100 crore was routed to other accounts via RTGS, the statement said.

According to officials, during questioning, Patel revealed that he worked with Hitendra Shah and Sunil Trivedi of Ahmedabad, and Kapil Vasoya of Surat. He admitted to transferring ₹96 lakh into an SBI account in the name of MI Traders, withdrawing ₹61 lakh in cash, and later sending ₹60 lakh to Lucknow and ₹30 lakh to Surat through hawala channels, keeping the remainder as commission.

Police have so far arrested 10 members of the gang, and efforts are underway to trace others involved. A mobile phone used in the fraud was recovered from Patel, officials said.