In a major breakthrough against cyber fraud and financial crimes, the Economic Offences Wing (EOW) of the police has arrested the mastermind behind a high-profile ₹113 crore cryptocurrency scam. The accused had evaded police capture for eight years, living in hiding across various states under a false identity. He had created a fake digital token and a Ponzi scheme, through which he defrauded thousands of unsuspecting investors across the country by enticing them with promises of doubling or tripling their money in a short period.
To gain the trust of investors initially, the accused launched a massive digital marketing campaign and organized fake webinars. He promoted his crypto platform as the future's biggest blockchain revolution. By demonstrating huge returns to early investors, he cast a wide net; attracted by this, thousands of people invested their life savings into the fraudulent crypto scheme. Once the total investor funds crossed the ₹113 crore mark, the accused abruptly shut down his website, withdrew funds from all digital wallets, and absconded.
Investigative agencies utilized advanced digital forensics and blockchain tracking tools to crack the case. Although the accused frequently changed his location and mobile number, a special police team apprehended him after uncovering a lead regarding an anonymous digital transaction. During the investigation, the police froze dozens of his bank accounts, *benami* (proxy-held) assets, and multiple cryptographic wallets. Interrogation also yielded crucial leads regarding other international cybercriminals and *hawala* networks linked to the accused.
This case once again highlights the risks associated with investing in cryptocurrency and unregulated digital assets. The government and financial regulatory bodies (such as the RBI and SEBI) have consistently warned citizens to stay away from unlicensed crypto schemes and apps that promise overnight riches. Police authorities have urged the public to thoroughly verify the legitimacy of any digital scheme before investing money in it. This arrest has raised hopes of justice for the thousands of victims who fell prey to the fraud.