Cryptocurrency Fraud Mastermind Apprehended in Ahmedabad After Lengthy Evasion
In a significant breakthrough, the Ahmedabad crime branch has arrested a 47-year-old man who had been absconding for two years, accused of orchestrating a multi-crore cryptocurrency investment fraud that allegedly cheated more than 100 individuals in Mumbai. The arrest occurred on Tuesday, marking the end of an extensive manhunt for the prime suspect.
Details of the Accused and the Arrest Operation
Police have identified the arrested individual as Sujit Dev, a software developer currently residing in the Naroda area of Ahmedabad. Originally hailing from Koregaon taluka in Maharashtra's Satara district, Dev was captured near Ahmedabad airport following precise intelligence inputs regarding his movements. The crime branch acted swiftly on this information, tracking him down and taking him into custody without incident.
Unraveling the Cryptocurrency Investment Scam
According to authorities, in 2021, Dev and his associates established a cryptocurrency investment firm in Dahisar, Mumbai. They allegedly targeted residents from Dahisar and surrounding regions, enticing them with promises of fourfold returns on investments in cryptocurrency. Many individuals, swayed by these assurances, invested substantial amounts of money, leading to the accumulation of crores of rupees from over 100 investors.
After amassing these funds, the accused purportedly siphoned off the money and vanished, going into hiding to avoid detection. Over the subsequent two years, Dev frequently changed his locations in a deliberate effort to evade law enforcement, complicating the investigation.
Legal Charges and Ongoing Investigation
Dev is wanted in connection with CR No 1305/24, registered at Dahisar Police Station. The charges against him include IPC Sections 406 (criminal breach of trust), 420 (cheating), 34 and 120(B) (criminal conspiracy), as well as Sections 3 and 4 of the MPID (Maharashtra Protection of Interest of Depositors) Act. Following his arrest, necessary legal procedures were initiated, and he is set to be handed over to the Mumbai police for further investigation.
Crime branch officials emphasized that this case underscores the escalating misuse of cryptocurrency platforms to defraud unsuspecting investors through unrealistic return promises. A comprehensive investigation is currently underway to trace the money trail and identify other associates involved in the fraudulent scheme.
Broader Implications and Community Impact
This arrest highlights the growing challenges in regulating digital currency investments and the need for heightened vigilance among potential investors. The crime branch's successful operation serves as a reminder of the persistent efforts by law enforcement to combat cybercrime and protect citizens from financial scams.
As the investigation progresses, authorities aim to recover the misappropriated funds and bring all perpetrators to justice, reinforcing the importance of due diligence in the rapidly evolving world of cryptocurrency investments.
