Arrest in Multi-Crore Cryptocurrency Fraud Highlights Extensive Scam Network
Amit Jaiswal, a 36-year-old, was arrested in Delhi by the Jharkhand CID for his involvement in a multi-crore cryptocurrency fraud. Jaiswal and his accomplices defrauded 100-150 people of Rs 4-5 crore. The scam involved creating a fake cryptocurrency trading website that showed initial profits but prevented investors from redeeming their gains.
The Jharkhand CID has apprehended a man from Delhi in connection with a multi-crore cryptocurrency fraud case, according to an official statement released on Wednesday.
The suspect, identified as 36-year-old Amit Jaiswal, was arrested in the national capital on Tuesday. He was subsequently brought to Jharkhand on a transit remand and presented before a local court, where he was placed in judicial custody.
In January, another suspect, Shashi Shankar Kumar, was detained in Bihar about the same case. The fraudsters allegedly scammed over 100-150 individuals statewide, accumulating around Rs 4-5 crore, the CID (Criminal Investigation Department) communiqué revealed.
The CID initiated its investigation after a case was filed at the Cyber Crime police station last November. The release stated, ‘The case involves a sophisticated group of fraudsters who developed a cryptocurrency trading website. Investors transferred funds through various cryptocurrency exchanges to the blockchain wallet addresses shown on the website. Using AI-based trading, the website initially displayed significant profits to investors. But, investors could not redeem their profit.’
A mobile phone with a SIM card and various blockchain wallet addresses used in the crime were confiscated from the detained individual.
(With inputs from agencies.) Source
