The Central Bureau of Investigation (CBI) has registered a case under Section 120B read with Section 420 of the Indian Penal Code (IPC) and Section 66D of the Information Technology Act, 2000, against seven accused individuals (who are running separate organised cyber crime modules) and are based in the cities of Delhi, Hazaribag, Bathinda, Ratlam, Valsad, Pudukkottai, Chittorgarh. It was alleged that accused persons, acting in criminal conspiracy, have been actively floating various Ponzi and fraudulent schemes, promising high returns based on cryptocurrency investments. They are also accused of promoting, promising, and disseminating false and deceptive information to entice investors into these unregulated deposit schemes, which operate without requisite approvals from regulatory authorities such as the Reserve Bank of India (RBI).
In connection with the investigation, CBI conducted search operations at 10 locations across seven States/Union Territories at Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamilnadu and Rajasthan. The searches resulted in the recovery of cash amounting to ₹34.2 lakh(approx), along with significant digital evidence, including seven mobile phones, one laptop, one tablet, three hard disks, 10 pen drives, memory cards, SIM cards, ATM/debit cards, email accounts, and several incriminating documents. Further, Digital Virtual Assets amounting to a total of USD 38,414 (approximately) were virtually seized in the cryptocurrency wallets of the accused persons which have been digitally secured for investigation.
These Ponzi schemes were being promoted through multiple social media groups. An analysis of bank account transactions and cryptocurrency wallets has revealed that the illegal proceeds from these schemes were being converted into cryptocurrencies to obscure their origin.
Investigations have uncovered that the accused hold multiple bank accounts and Virtual Digital Asset (VDA) wallets with cryptocurrency exchanges, including CoinDCX, WazirX, Zebpay, and BitBns. Over a span of two years, these accounts and wallets witnessed transactions exceeding ₹350 crore. The victims were allegedly defrauded under various pretences, such as online loans, online lucky orders, UPI frauds, and internet banking scams.
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