Bhopal: Two Held For Duping People Of ₹5 Cr Using Fake Crypto Exchange

Bhopal (Madhya Pradesh): Cyber crime wing on Saturday laid hands on two cyber crooks for allegedly duping numerous persons across the country of Rs 5 crore using fake crypto exchanges.

Additional DCP (Crime) Shailendra Singh Chouhan told Free Press that on April 17, a man residing in Katara Hills, named Rajendra Singh, approached the crime branch, stating that three men, named Sumit Jain, Atul Jain and Trilok Patidar, had lured him into investing in gold desert coin through their crypto exchange and promised three times the return.

He alleged that he was duped to the tune of Rs 1.15 lakh. Broadening the investigations in the case, the cyber officials detained Trilok Patidar, who told them that one of his accomplices, named Amar Wadhwani, used to assist him in developing fake crypto exchanges. Wadhwani was arrested by the cyber personnel too.

The duo told the cyber cell officials that Patidar used to work as the promoter of the fraudulent crypto exchange company, who used to lure people by travelling to various states. He used to lure people on the pretext of investing in bitcoin and other crypto-currencies, promising handsome and lucrative returns.

He, with the help of Wadhwani, had built a fake crypto exchange named Crypto 24. The persons who agreed to invest their money into bitcoin were made to invest on the exchange built by the duo and initially, they used to offer small returns to avoid suspicion. The duo admitted that they duped scores of people across India to the tune of Rs 5 crore. Cyber officials are investigating the case further, Additional DCP Chouhan said.