Mastermind of Rs 50 crore cryptocurrency investment fraud held in UP

Agra (UP), Dec 12 (PTI) Agra Police on Friday arrested the alleged mastermind of a Rs 50-crore cryptocurrency investment scam, duping over 1,500 people across Uttar Pradesh, Uttarakhand and Delhi, officials said.

According to Additional Deputy Commissioner of Police (Cyber Crime) Aditya, the accused, Ajay, ran a full-fledged network that lured investors by promising extraordinarily high returns through a fake cryptocurrency platform.

After his arrest, a large number of victims reached the police station to file complaints, he said.

Police said Ajay had created a website resembling legitimate crypto trading platforms. To build trust, the gang organised seminars at high-end hotels, where Ajay showcased inflated returns and even gave a few participants multiplied payouts to convince others of the scheme's legitimacy.

Impressed by these demonstrations, many people invested lakhs of rupees, believing their money was growing, officials added.

The website displayed forged data showing rapidly multiplying balances, keeping investors assured while the gang continued to collect deposits.

While Ajay has been arrested, six of his associates are still absconding, police said, adding that teams have been formed to trace them. PTI COR KIS HIG HIG