Surat ₹943 Crore Dabba Trading Scam: SOG Briefs SEBI On Nationwide Financial Fraud

Surat: Following the successful busting of the Rs 943 crore worth of illegal dabba trading and online betting racket operating from Surat, the Special Operation Group (SOG) of Surat city police has taken the case to a national level by presenting key evidence before the Securities and Exchange Board of India (SEBI). In a significant development, the main accused was brought to Surat after being arrested in Mirzapur (UP) on a transit remand.

The accused is now under five-day police remand, approved by the court, as investigators dig deeper into the decade-old scam that was operating openly under the cover of a construction firm — Sunrise Developers.

“This racket wasn’t just illegal—it was highly organized and deeply entrenched. We are now focusing on uncovering the full chain of operatives and investors,” said Police Inspector Atul Sonara, leading the investigation.

Sunrise Developers, the so-called construction firm, was merely a front. Police say the accused lured unsuspecting investors with promises of high returns and tax-free income. What appeared to be real estate dealings was, in fact, a sophisticated illegal trading network, violating SEBI norms and possibly engaging in hawala and money laundering operations.

“A decade-long financial racket masked under a fake construction firm has finally begun to unravel,” says Police Inspector Atul Sonara.

The masterminds have been identified as Nandlal alias Nando Gevaria and Vishal Gevaria. The investigation revealed the use of digital platforms, WhatsApp, call centers, and fake documentation to pull off this high-stakes scam.

“The role of SEBI is crucial here. This is a non-licensed trading network operating illegally on a massive scale,” Sonara added.

A huge cache of evidence has been seized including 19 mobile phones,4 laptops,87 chequebooks and 31 passbooks,₹10 lakh in cash, and a paper-cutting machine allegedly used to destroy evidence.

Police are now probing several critical angles such as the identity of all investors over the last 10 years, technology platforms used in the racket (websites, apps), possible involvement of bank officials or brokers, international money trails and hawala links,additional absconding accused, including Javed alias JD and Parimal Kapadia.

One of the most critical figures, arrested in Mirzapur, is believed to have managed banking operations and software for the network. His interrogation is expected to open doors to older investors and illicit transaction chains.