Rs 1.5 Crore Multi-State Crypto Scam Busted, 6 Arrested In Ahmedabad

In a major crackdown on digital financial fraud, the Ahmedabad City Cyber Crime Branch has arrested six members of a gang involved in a sophisticated cryptocurrency investment scam. The group is accused of swindling a local resident out of Rs 57,90,000 by promising lucrative returns on USDT (Tether) investments.

The Modus Operandi

The investigation revealed that the scammers-initiated contact with the victim via Facebook. After building a rapport, they persuaded the victim to download a fraudulent mobile application named "CBOE US". The victim was then instructed to deposit large sums of money into various bank accounts under the guise of investing in cryptocurrency.

The police investigation, which utilized both technical surveillance and human intelligence, tracked the flow of money to several shell accounts. The gang operated through a network where members in Delhi managed the bank details and coordinated with a mastermind based in Dubai, identified as Mayur Savaliya.

Network of Shell Accounts

Upon arresting the suspects, officials discovered that the gang utilized at least five primary bank accounts, four of which were linked to 41 different cyber fraud complaints across multiple Indian states. Preliminary audits suggest that these accounts saw transactions totalling approximately Rs 1.5 crore.

The accounts were registered under the name "CRSYTAL INTERIOR DESIGNERS PRIVATE LIMITED" at various major banks, including Bandhan Bank, IndusInd Bank, ICICI Bank, and Yes Bank.

The arrested individuals include residents of Ahmedabad, Surendranagar, and Delhi, Tahir Fazmohamad Belim (42), Adnan Liyakatbhai Sheikh (28), Ejaz Jilanibhai Sheikh (34), Omkarbharti Maheshbharti Goswami (28) - Jafrabad/Surat, Maqsud Rafiqbhai Mirza (39) and Sunny Ashokkumar Maggo (38) - Uttam Nagar, Delhi.

The prime suspect, Mayur Savaliya, remains at large and is believed to be operating from Dubai.

Legal Action

The Cyber Crime Branch has registered a case under sections 316(2), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita (BNS), along with sections 66(C) and 66(D) of the Information Technology Act.