In this paper, we propose a new technique for double image encryption in the Fresnel domain using wavelet transform (WT), gyrator transform (GT) and spiral phase masks (SPMs). The two input mages are first phase encoded and each of them are then multiplied with SPMs and Fresnel propagated with distances d1 and d2, respectively. The single-level discrete WT is applied to Fresnel propagated complex images to decompose each into sub-band matrices i.e. LL, HL, LH and HH. Further, the sub-band matrices of two complex images are interchanged after modulation with random phase masks (RPMs) and subjected to inverse discrete WT. The resulting images are then both added and subtracted to get intermediate images which are further Fresnel propagated with distances d3 and d4, respectively. These outputs are finally gyrator transformed with the same angle α to get the encrypted images. The proposed technique provides enhanced security in terms of a large set of security keys. The sensitivity of security keys such as SPM parameters, GT angle α, Fresnel propagation distances are investigated. The robustness of the proposed techniques against noise and occlusion attacks are also analysed. The numerical simulation results are shown in support of the validity and effectiveness of the proposed technique.