The Central Bureau of Investigation (CBI) today arrested 7 accused operating different modules in the digital currency Ponzi scheme. The investigating agency has conducted raids at 10 places in seven states and union territories. In which 34 lakh cash, a large number of American dollars and many objectionable documents and important digital evidence were destroyed. The scheme promised high returns on cryptocurrency transactions worth more than Rs 350 crore.
What was seized in the raid?
CBI raided 10 places in seven states/union territories including Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu and Rajasthan. From where along with cash worth Rs 34.2 lakh, important digital evidence including seven mobile phones, one laptop, one tablet, three hard disks, 10 pen drives, memory cards, SIM cards, ATM/debit cards and many incriminating documents were also recovered. . A total of digital virtual assets worth US$ 38,414 (approximately) were seized in the cryptocurrency wallets of the accused persons.
action against the accused
A case has been registered against seven accused under Section 420, Section 120B of the IPC and Section 66D of the Information Technology Act, 2000. All the accused are residents of Delhi, Hazaribagh, Bathinda, Ratlam, Valsad, Pudukkottai, Chittaurgarh cities. Analysis of bank account transactions and cryptocurrency wallets revealed that illegal money received from these schemes was being converted into cryptocurrency, so that its source could be hidden.
Used to hoax on social media
The accused arrested in the case are accused of promoting false and misleading information and making false promises to lure investors into fake schemes. Which was being promoted through many social media groups. Investigation revealed that the accused had several bank accounts and wallets of platforms like CoinDCX, WazirX, Zebpay and BitBns. Transactions worth more than Rs 350 crore have taken place through these wallets in the last two years.