Jharkhand CID arrests man from Delhi in multi-crore cryptocurrency investment fraud case

Ranchi, Jul 17 (PTI) The Jharkhand CID has arrested a man from Delhi in connection with a multi-crore cryptocurrency investment fraud case, an official statement said on Wednesday.

The accused, identified as 36-year-old Amit Jaiswal, was arrested from the national capital on Tuesday and he was brought to Jharkhand on a transit remand, after which he was produced before a local court, which forwarded him to judicial custody.

Earlier, another accused, identified as Shashi Shankar Kumar, was arrested from Bihar in January this year in connection with the case.

The fraudsters had allegedly defrauded over 100-150 people from across the state to the tune of around Rs 4-5 crores, according to an official communiqué of the CID (Criminal Investigation Department).

The CID started its investigation after a case in this regard was registered at Cyber Crime police station here in November last year.

"The case involves a sophisticated group of fraudsters who developed a website for trading cryptocurrency. The investors transferred funds through various cryptocurrency exchanges to the blockchain wallet addresses displayed on the website. Utilising AI-based trading, the website initially displayed significant profits to investors, reflecting returns. But, investors could not redeem their profit," the release said.

A mobile phone with a SIM card used in the crime and various blockchain wallet addresses used by the criminals to transfer funds were seized from the arrested accused. PTI SAN SAN ACD