Surat Land Scam: Four Bank Employees Arrested for Allegedly Helping Open Fake Accounts in Rs 5.75 Crore Fraud

In a breakthrough in a high-value land fraud case, Surat police have arrested four employees of private and public sector banks for allegedly helping create fake bank accounts used to siphon off crores of rupees during a disputed land transaction.

Investigators say the fraud involved forged documents, mule bank accounts and fake identities, exposing serious loopholes in banking verification systems.

The arrests were made by the Economic Offences Wing (EOW) of Surat Police during an ongoing investigation into a land deal worth Rs 5.75 crore.

Along with the bank officials, police also arrested a SIM card distributor accused of facilitating the operation by issuing a mobile number allegedly used during the fraudulent banking process.

The accused bank employees have been identified as Sandeepkumar Piludariya and Azad Khan, both sales officers posted at Yes Bank’s Ankleshwar branch in Bharuch district.

The other accused includes Shivani Patel, a relationship manager associated with Yes Bank, and Yagnik Vaghasia, an executive officer at IDBI Bank’s Ghoddod Road branch in Surat.

SIM card distributor Sanjay Dhandhukiya was also taken into custody for allegedly helping activate a phone connection linked to the fake accounts.

Police officials said the arrests followed the detention of Surat-based real estate broker Ravi Koladiya, who is believed to be the central figure in the alleged fraud.

Investigators suspect Koladiya orchestrated the financial transactions by exploiting loopholes in banking procedures and using forged documents to impersonate non-resident landowners.

According to the investigation, Koladiya, a resident of Kapodara in Surat, executed a sale deed for agricultural land located in Kathor village on behalf of another Kapodara resident, Piyushkumar Saspara.

The land, spread across multiple survey blocks measuring nearly 11.80 bigha, was reportedly sold for Rs 5.75 crore through a power of attorney arrangement.

The actual landowners — Salim Sidat and his sisters, Faridabibi Sidat and Khatija Sidat — are originally from Kathor village but are currently settled in Canada.

Police said Saspara transferred nearly Rs 4.81 crore through cheque,s while the remaining amount was allegedly paid in cash during the transaction in 2025.

Investigators allege that Koladiya conspired with bank employees to fraudulently open three mule bank accounts in the names of the Canada-based landowners at a Yes Bank branch in Ankleshwar.

Police claim forged documents and fake signatures were used to open these accounts, even though the landowners were physically present in Canada at the time and had no knowledge of the banking activity.

Authorities said the cheques issued by buyer Piyushkumar Saspara were deposited into these accounts.

From there, Koladiya allegedly withdrew a large portion of the money, while around Rs 2.80 crore was reportedly transferred to the actual landowners residing abroad.

Police further claimed that the accused repeated the same method at IDBI Bank’s Ghoddod Road branch in Surat. Another set of bank accounts was allegedly opened using forged signatures and fake paperwork in the names of the same landowners.

The remaining Rs 2.96 crore from the deal was deposited into these accounts before allegedly being withdrawn later.

The fraud came to light after buyer Piyushkumar Saspara lodged a cheating complaint against Ravi Koladiya.

Saspara alleged that despite receiving substantial payments, Koladiya failed to complete the final documentation and legal transfer process of the land.

According to the complaint, the disputed transaction was only a part payment in a much larger agricultural land deal valued at nearly Rs 13.27 crore.

Saspara claimed he had already paid Rs 5.75 crore in advance before realising that the promised transfer process was not being completed.

Surat Additional Commissioner of Police Karanraj Vaghela described the case as highly unusual because of the direct involvement of banking staff.

He said this was perhaps the first time in Surat that four bank employees had been arrested together in connection with a land fraud investigation.

Investigators believe the SIM card issued by the accused Sanjay Dhandhukiya played a crucial role in activating and operating the fake bank accounts.

Police are now examining whether additional people, including middlemen and financial facilitators, may have been involved in the wider conspiracy.

Sources close to the investigation said Ravi Koladiya had been active in local property dealings for several years and was known in real estate circles in Surat.

Police are now probing whether similar methods may have been used in other land transactions involving absentee or overseas property owners.

Officials from the concerned branches of Yes Bank and IDBI Bank could not be contacted for comment despite repeated attempts following the arrests.