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India Cyber Police Arrest Gang for Defrauding Man of ₹57.7 Lakh with Crypto Laundering Scam

Strategic Insights

— 1 min read

A group of individuals, including a BBA student, a passport agent, and a garage owner, have been arrested by the cyber police station of Pimpri Chinchwad for defrauding a man of ₹57.7 lakh through a cryptocurrency laundering scam. The gang used their professional and personal bank accounts to facilitate the transaction, and attempted to hide their tracks by converting the money into cryptocurrency. The accused had promised the victim high returns on stock market investments, but instead, they created a fake app that showed a profit of ₹5.15 crore, only to demand various charges from the victim.

Key Takeaways:

  • The cyber police station of Pimpri Chinchwad arrested a gang of three individuals, including Sahil Anwar Sayyed, Bhupendra Avtar Singh, and Sarfaraz Rafiq Sayyed, for defrauding a man of ₹57.7 lakh through a cryptocurrency laundering scam.
  • The gang used fake promises of high returns on stock market investments to lure the victim into investing ₹57.7 lakh through an app.
  • The app showed a profit of ₹5.15 crore a few days later, but the victim was asked to pay various charges, which led him to realize he had been swindled.
  • The investigation revealed that the defrauded money was transferred to an account in the name of Maruf Real Estate and withdrawn in cash by Bhupendra, who then handed it over to Sahil and Sarfaraz in exchange for cryptocurrency.
  • Bhupendra received cryptocurrency in return and used it to launder the money.
  • This case is similar to a previous case involving a film producer named Shivam Balkrishna Samvatsarkar, who was arrested for a similar cryptocurrency scam.

Statistics:

  • ₹5.15 crore: the fake profit shown by the app to the victim
  • ₹57.7 lakh: the amount of money defrauded from the victim
  • ₹57.7 lakh: the amount of money withdrawn in cash by Bhupendra
  • 1 account: the account in the name of Maruf Real Estate used to launder the money

Sources:

  • "India, Aug. 20 -- The cyber police station of Pimpri Chinchwad on Sunday arrested a gang which defrauded an individual of Rs.57.7 lakh with the lure of high returns on stock market investments."
  • "Believing the accused, he invested Rs.57.7 lakh through an app."
  • "A film producer named Shivam Balkrishna Samvatsarkar was arrested in a similar case."
  • Published by HT Digital Content Services with permission from Hindustan Times.

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