Key Highlights
The Ahmedabad City Crime Branch has arrested a 47-year-old man who was allegedly absconding for nearly two years after cheating over 100 investors in a cryptocurrency investment scam involving more than INR 100 crore.
The accused, identified as Sujit Shankarrao Dev, also referred to as Sujit Shankarrao Jadav in police records, was apprehended near the Ahmedabad airport following sustained coordination with the Mumbai Police and technical surveillance.
Dev was wanted by the Dahisar Police Station in Mumbai in connection with offences registered under Sections 406, 420, 34, and 120(B) of the Indian Penal Code (IPC), along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (MPID) Act.
He is a resident of Naroda in Ahmedabad and originally hails from the Satara district in Maharashtra.
According to investigators, the accused, along with some associates, had opened a cryptocurrency investment office in the Dahisar area of Mumbai in 2021. Operating under the guise of a “currency investment” firm, the group allegedly lured residents of Dahisar and nearby localities by promising returns of up to four times the invested amount.
Police said investors were also enticed with claims related to cryptocurrency trading and crypto mining schemes.
Trusting these assurances, several individuals invested large sums of money, many of them pooling their life savings.
“After collecting crores of rupees from investors, the accused allegedly diverted the funds and went absconding. More than 100 people are believed to have been cheated in this case,” a senior Crime Branch officer said.
Following the alleged siphoning of funds, Dev remained on the run for nearly two years before being tracked down.
Based on technical inputs and surveillance, the Ahmedabad Crime Branch tracked Dev’s movements and arrested him upon his arrival at the Ahmedabad airport. He has since been handed over to the Mumbai Police for further legal proceedings.
Investigators are now examining the money trail and probing whether additional victims or accomplices are linked to the alleged fraud.
The Crime Branch said further investigations are underway in the case.
Also Read: From Ration Cards to Digital Rupees: India Pilots CBDC in Gujarat
Google is preparing to expand its crypto security operations with a new Multi-Party Computation (MPC)…
Bitcoin price is recovering toward $81,000, gaining nearly 2% as buyers return ahead of the…
Ripple’s RLUSD just secured a major institutional credibility boost, earning Moody’s A2 long-term deposit rating…
Key Highlights The US Department of Justice charged six individuals accused of running an NFT…
Key Highlights Crypto.com and OG.com launched continuous, non-expiring crypto perpetual contracts for eligible U.S. traders…
AI SummaryShowCircle and ACI pilot USDC settlement in Colombia, signalling stablecoins’ entry into traditional real‑time…
This website uses cookies.
Read More