CBI raids Rs 350 crore cryptocurrency Ponzi scam
NEW DELHI: The Central Bureau of Investigation (CBI) has registered a case against seven people accused of running organised cybercrime modules involved in a cryptocurrency-based Ponzi scheme worth over Rs 350 crore.
The accused, operating across multiple cities, including Delhi, Hazaribagh, Bathinda, Ratlam, Valsad, Pudukkottai, and Chittorgarh, allegedly lured investors with fraudulent schemes, promising high returns on cryptocurrency investments.
The agency has booked the accused under Section 120B read with Section 420 of the Indian Penal Code (IPC) and Section 66D of
the Information Technology Act, 2000.
According to officials, the culprits propagated misleading and deceptive schemes without obtaining necessary approvals from regulatory bodies such as the Reserve Bank of India (RBI).
During the probe, CBI searched 10 places in Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu, and Rajasthan.
The authorities recovered about Rs 34.2 lakh in cash, along with considerable digital evidence, including seven mobile phones, a laptop, a tablet, three hard disks, 10 pen drives, several
memory and SIM cards, debit cards, email accounts, and many incriminating documents.
The authorities seized approximately USD 38,414 in digital virtual assets from the alleged perpetrators’ cryptocurrency wallets.
According to reports, the defendants used social networking sites to peddle their alleged scams, advertising them as the best investment prospects for gullible investors looking to make instant profits.
The inquiry revealed that the perpetrators channelled these victims’ funds into cryptocurrencies to obscure the illegal source.
According to reports, the accused persons were handling multiple bank accounts and Virtual Digital Asset (VDA) wallets on popular cryptocurrency exchanges like CoinDCX, WazirX, Zebpay, and BitBns.
Reports show transactions worth Rs 350 crore on these platforms over the last two years.
Authorities allege that fraudsters cheated victims using various methods, including online loan scams, fake lucky order schemes, UPI frauds, and internet banking scams.
CBI officials confirmed that the investigation is ongoing, with further scrutiny in the financial trail and the involvement of additional suspects.
