PUDUCHERRY: The Cyber Crime Police Station (CCPS) in Puducherry has uncovered a large-scale pan-India fraudulent cryptocurrency scheme that duped 11 investors in Puducherry of about Rs 3.4 crore and targeted many others in different states. Two people have been arrested in connection with the case.
The accused lured victims with promises of high returns on investments but later prevented them from withdrawing their funds or receiving the cryptocurrency TCX, which was later found to be fake, according to a police release.
Following the directive of Senior Superintendent of Police (C&I) Narra Chaitanya and Superintendent of Police (Cyber Crime) Bascarane, an investigation into a complaint revealed that the fraud was carried out through an elaborate scheme. This included a grand inauguration ceremony in 2022, featuring celebrities like Tamannah and Kajal Aggarwal as special guests at events in Mumbai and Coimbatore.
Within three months of the event, over 100 people had invested, contributing more than Rs 1.10 crore. To gain investors' trust, the fraudulent company gifted luxury cars to top investors. Additionally, the accused organised a lavish event on a cruise ship in Mumbai to attract more potential investors.
Investigations by Puducherry Cyber Police uncovered that the accused received funds directly into accounts registered under the name “Hify Circle.” They also developed a deceptive online dashboard displaying fake investment details and non-existent TCX coins, which could neither be exchanged nor utilised. The company and its website were eventually shut down, leaving investors defrauded.
The scam, which extends beyond Puducherry, has led to multiple cases being registered in Delhi, Odisha, Maharashtra, Mumbai, Coimbatore, Bangalore, Andhra Pradesh, Kerala, and other locations. In total, the fraudsters are estimated to have swindled over Rs 50 crore through cyberspace, stated the SSP.
Acting on intelligence gathered from online sources and cyber tools, the police apprehended two suspects, Nitish Jain and Aravind, in Coimbatore. Further inquiries implicated at least 10 more individuals from Coimbatore, Bangalore, and Chennai, including Damodharan, Noor Mohammad, Santhanam, Nandiyappan, Ganesan, Aliya, Reshma Parveen, Ansar, and Luqman.
The masterminds behind the scheme, Syed Usman alias Babu and Imran Pasha, are believed to be responsible for the massive fraud. Imran Pasha has been arrested at Raipur police station in connection with the same case.
A special police team has been deployed in Coimbatore and surrounding areas to track down and arrest all those involved. Authorities have assured that stringent action will be taken against the perpetrators of this large-scale financial fraud.
The Senior Superintendent of Police has cautioned the public against fraudulent investment schemes promising high profits through cryptocurrency, MLM systems, and online share markets.
Authorities revealed that over Rs 25 crore was lost last year due to such scams. The police have advised people to remain vigilant and avoid falling for deceptive advertisements. In case of any suspicious activity or fraud, citizens have been advised to contact the toll-free helpline at 1930.