CBI Cracks Down On $0.93 Mln Crypto Fraud in India, Arrests One


CBI Cracks Down On $0.93 Mln Crypto Fraud in India, Arrests One

The increasing number of crypto scams has spooked many crypto market enthusiasts while fuelling concerns about security in the digital asset industry. Meanwhile, amid the rising number of crypto frauds in India, the Police and the Central Bureau of Investigation (CBI) have been more alert, to any irregular activities and banking.

In a recent development, the CBI arrested an Ahmedabad-based man in connection to a crypto fraud. The accused identified as Ramavat Shaishav aka James Carlson was arrested on the 21st of October, Saturday, according to a report.

CBI Seizes $0.93 Mln From Crypto Wallets In Searches

As per the report, CBI conducted raids at the Ahmedabad premises and seized cryptocurrencies worth $0.93 million from his wallets with cryptocurrencies such as Bitcoin, Ethereum, Ripple, USDT, etc.

Meanwhile, during the searches, the CBI officials also seized mobile phones, laptops containing various information, and bank accounts for further investigation into the India crypto fraud.

As per the report, Ramavat Shaishav allegedly contacted a US citizen using the pseudonymous identity of “James Carlson” over the phone. He falsely claimed to be from the Fraud Department of a Multinational Company and informed the victim that someone had attempted to order a computer using the victim’s account on the same company.

Also Read: Will Tom Emmer’s Speaker Bid Reshape Crypto Regulation?

A Closer Look Into The Incident

The accused allegedly misled the victim by stating that individuals in four different states had used the victim’s Social Security Number to open accounts with the said Multi-National Company. With his attempt, the accused Ramavat aka James induced the victim to withdraw cash from their bank accounts and deposit it into Bitcoin at RockitCoin ATM Wallet. He shared a QR code and cheated the victim.

Meanwhile, the CBI has registered a case under various sections of the Indian Penal Code (IPC) and Information Technology (IT) Act. The investigation into the matter is underway.

Also Read: Ripple To Confer With US SEC On Institutional Sales Of XRP, Says Ripple’s Attorney


Leave A Reply

Your email address will not be published.