The Delhi Police have arrested five people for allegedly cheating a man of Rs. 57 lakh in the name of a cryptocurrency deal which promised a transaction involving a popular digital currency, but the accused vanished with his money without completing the transfer, police said on Thursday.
As per police, with the arrest of the accused, police successfully recovered the entire Rs. 57 lakh in cash. The arrested individuals have been identified as Praveen Kumar (40), Nitin Sharma (33), and Rakesh Kumar Dutta (46), all from Punjab; Ajay Chaudhary (32) from Noida; and Anmol (23) from Panipat in Haryana. Police also seized an SUV and two scooters used by the gang during the commission of the crime.
The case came to light when the complainant approached Karol Bagh Police Station on June 30, reporting that he had been cheated of Rs. 57 lakh by a group of men who had promised to deliver him cryptocurrency, specifically a stablecoin known as Tether (USDT).
According to police, the victim had met two of the accused — Ajay and Anmol — and was taken to a rented office for the transaction. Believing everything to be genuine, the complainant handed over ?57 lakh in cash to them at the venue. Once the money was handed over, another accused named Shivam, along with his associates, made excuses and quietly left the place without transferring the cryptocurrency as promised. Soon after, the entire group became unreachable.
Realising he had been duped, the complainant immediately informed the police, following which a case was registered under appropriate sections of cheating and criminal conspiracy. A special investigation team was quickly formed to track down the accused. “Investigators examined multiple CCTV footage from around the office where the deal took place. The movements of the suspects were closely tracked, and based on several leads, a rented accommodation in Karol Bagh was raided,” a senior police officer said.
From this hideout, all five accused were apprehended. During interrogation, they confessed to having played different roles in the conspiracy. The entire Rs. 57 lakh in cash was recovered from their possession, stacked and hidden inside the premises. Police said that the gang was operating a fake cryptocurrency dealing network. They lured unsuspecting victims by promising to sell them digital currency at discounted or attractive rates. In order to gain their target’s trust, the gang would often meet in rented offices, present themselves as professional brokers, and make it look like a legitimate business transaction.
In this case, too, the complainant was convinced of the authenticity of the deal after meeting the men in what looked like a professional setup. He had no idea that he was walking into a trap.
The key accused, Shivam, who is believed to be the mastermind of the operation, is currently on the run. Police teams are conducting raids at various locations to arrest him. Officials said that Shivam coordinated the scam and handled the digital wallets used to make the promised transfers, which never took place.
Police have urged the public to remain cautious while dealing in cryptocurrencies, especially when physical cash transactions are involved. They advised citizens to verify the authenticity of brokers and use regulated platforms for any form of cryptocurrency trading.