• Police arrest Patel for Rs.1.5 crore crypto scam in Kolkata.

• Fake crypto website promised big returns, fooled traders into losing savings.

• Investigators say Patel linked to bigger network of digital scamsters.

Indian police have arrested a young man accused of cheating innocent traders through a fake crypto scheme. The arrested man, Harshik Mukeshbhai Patel, is a 26-year-old from Ahmedabad. According to the Bidhannagar police, Patel defrauded traders of 1.5 crores Rs which is approximately 180000 dollars.

Fake Crypto Website Dupes Traders

According to the police, the fraud occurred in the year 2023. They traced Patel and nabbed him in Chandkheda, one of the towns in the Gandhinagar district of Gujarat. Patel was taken to Kolkata by a court order after he was arrested. He will be kept in police custody pending the investigation.

This arrest is associated with a case that began last year. On September 15, 2023, Aurobinda Maji, a 34-year-old Kolkata resident, approached a police station in Bidhannagar, Cyber Crime Police Station. Maji added that he had lost his money due to a phony cryptocurrency site.

The police said that the bogus site had a very realistic appearance. It was a clone of the real crypto wallets and exchanges. The site guaranteed the investors greater returns and informed them that they would make between 10-25% in a matter of days. These promises made by the fraudsters attracted many individuals who invested their resources in the sham platform.

This caused a lot of traders to lose their savings. The con men transferred the money through multiple bank accounts so that they could cover their tracks. The investigators said they found that some of the stolen money went to an account at IDFC First Bank. Patel owned this account. They tracked about Rs. 2 lakh ($2,400) that was sent to Patel’s account. Soon after, he quickly withdrew the money from an ATM.

Patel Case Shows India Serious About Tracking Crypto Scam Rings

During Patel’s arrest, the police seized some items they believe are linked to the fraud. A senior officer of the Bidhannagar Commissionerate said that Patel may not have been working alone. The policeman stated that Patel might be a member of a bigger network behind the same types of scams in India. The police are currently trying to identify other individuals who might have assisted Patel or used the money stolen.

The case is not the first crypto scam to strike India in a long time. The police report that the crimes associated with digital money are growing. A man lost nearly Rs. 1.67 crore ($200,000) in a WhatsApp scam just a few days ago. In that fraud, the victim encountered a swindler in a matrimonial site. The fraudster posed as a bride who had been employed by a crypto trading company in Singapore.

To begin with, the victim has made a small investment and made a rapid profit. This caused him to believe the fraudster. He proceeded to send additional funds via bank transfers and UPI payments. Eventually, he lost everything to the sham business.

Due to these instances, the police are advising the population to be selective when it comes to online investing. Most of the frauds involve large profits, and they are just frauds to get money. The police add that individuals must always verify the websites and companies before they send money.

The case of Patel has demonstrated that Indian law enforcement takes crypto fraudsters seriously. The police have assured that they will continue searching for other scammers. At least, the victims are hoping they may receive justice and even recover some of the lost money.