5 held for duping Delhi man of Rs 57 lakh in crypto deal: Police

New Delhi, Jul 3 (PTI) The Delhi Police has arrested five people for allegedly duping a man of Rs 57 lakh on the pretext of a cryptocurrency deal, an official said on Thursday.

Police said that with the arrest of the accused, the entire amount was recovered in cash.

The accused were identified as Praveen Kumar (40), Nitin Sharma (33), Rakesh Kumar Dutta (46), all residents of Punjab, along with Ajay Chaudhary (32) from Noida and Anmol (23) from Panipat in Haryana.

An SUV and two scooters used in the commission of the offence have also been seized.

Police said that the complainant approached Karol Bagh Police Station on June 30, alleging that he had been cheated of Rs 57 lakh by a group of men who promised to deliver him a cryptocurrency also known as Tether.

The transaction took place at an office where the complainant had gone with two of the accused, Ajay and Anmol.

Police said that once the cash was handed over to Shivam and his associates, they fled the spot without transferring the promised cryptocurrency.

A case was registered at the Karol Bagh Police Station. "A special team was constituted. The team analysed CCTV footage to track the suspects. Based on leads, five accused were traced and arrested from a rented accommodation in Karol Bagh," said the officer.

During interrogation, all the arrested accused admitted to their involvement in the conspiracy. The entire Rs 57 lakh in cash was recovered from their hideout.

Efforts are on to trace and arrest the main accused, Shivam, who remains absconding, said the officer.

Police said the gang operated by luring people with promises of cryptocurrency transactions at competitive rates and used various front offices to gain trust.

The complainant was made to believe he was getting a legitimate deal, only to be duped after handing over the cash. PTI BM HIG