Gujarat man held in crypto trading scam; bank account linked to 8 cyber fraud cases worth Rs 24.72cr

Amreli/Surat, July 9 (IANS) The Surat City Cyber Crime Cell on Thursday arrested a 29-year-old software engineer in connection with an alleged online investment fraud in which a complainant was cheated of over Rs 72.73 lakh after being lured with promises of high returns from cryptocurrency trading.

Police said the accused, identified as Divyesh Patel, was traced and arrested following a technical investigation into the case.

He is employed at a software company, holds a B.Tech degree in Electrical Engineering and is currently residing at Shiv Residency near Tirupati Circle in New Althan of the city.

He is originally from Akala village in Amreli district’s Lathi taluka. According to the Cyber Crime Cell, the fraud began when the complainant was contacted through Telegram by cyber fraudsters, who shared a link to a fake trading website.

The complainant was persuaded to create an account on the platform and was assured of substantial profits from cryptocurrency trading.

Believing the claims, the victim transferred a total of Rs 72,73,600 into multiple bank accounts provided by the fraudsters. The promised returns never materialised and the money was not returned.

After the complainant reported the incident through the cyber crime helpline number, police launched an investigation and registered a case at the Cyber Crime Police Station.

The FIR was registered under Sections 318(4), 336(2), 338, 336(3), 340(2), 61(2) and 3(5) of the Bharatiya Nyaya Sanhita, 2023, along with Section 66(D) of the Information Technology (Amendment) Act, 2008.

Police said Rs 17 lakh of the complainant’s money was transferred into an IDBI Bank account linked to the arrested accused.

During the investigation, officers found that Patel had allegedly provided the banking kit associated with the account to an absconding accused for use in cyber fraud in return for a two per cent commission on transactions.

Investigators also found that transactions amounting to Rs 1,60,84,505 had passed through the same bank account.

Further verification through the Samanvaya Portal indicated that the account was linked to eight cyber fraud complaints registered in different states. According to the police, those cases involve alleged fraud amounting to a combined Rs 24,72,31,464.

A team led by Police Inspector A.M. Mori traced the accused through technical analysis before taking him into custody.

The Cyber Crime Cell has advised the public not to trust unsolicited investment offers related to forex, share trading or cryptocurrency without proper verification.

Police also urged people to leave and block unknown WhatsApp or Telegram groups, avoid making larger investments after receiving small initial returns, refrain from sending money to strangers met through social media or matrimonial websites, and immediately report suspected cyber fraud by calling the cybercrime helpline.

–IANS

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