4 men convert duped money into cryptocurrency to hide trail, outfit


Four men have been arrested in Chittorgarh of Rajasthan for allegedly deceiving people under the guise of getting loans online and converting the defrauded amount into cryptocurrency.

Police are contacting the National Cybercrime Reporting Portal for more details of the accused, Chittorgarh residents Deepak Patwa (23), Dev Kishan (32), Suresh Singh (45) and Sunil Kumar Khatik (34) years), resident of Madhya Pradesh, and seek plaintiffs. Law enforcement sources said the accused could have duped hundreds based on the recoveries – 15 debit cards, seven cell phones, 27 SIM cards, a dongle, a laptop, a tablet, six checkbooks, a car BMW, five booklets and Rs 20,000 – and even bought the car with the duped money.

DCP (Rohini) Pranav Tayal said: “Defendant used to get money by deceiving several owners of bank accounts through UPI. They then converted it into cryptocurrency through an online exchange. Patwa received a cryptocurrency commission and traded it directly to her account and through hawala transactions.

According to the police, they received a complaint from a man from Rohini Cyber ​​Police Station who alleged he had been defrauded based on an online loan offer. He received an SMS with a link that his loan had been approved with a limit starting at Rs 2 lakh. When he clicked on the link and downloaded the basic details, he received a call through a messaging app and was asked to deposit 5% of the loan amount and that he would be repaid later. After the plaintiff deposited Rs 40,000, he received no response.

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Police said the suspects had been identified, located in Chittorgarh and apprehended. Police said the defrauded money was transferred to accounts at MP’s Neemuch. They added that Rs 75 lakh was transferred in two days and the cryptocurrency was purchased on multiple platforms.

DCP Tayal said: “The defendants were looking for an idea to fool as many people as possible using an easy trick. They found a YouTube video where they learned how to trick people on the pretext of providing loans online. They were looking for more information when they met a Chinese national on (the messaging app). The defendant, Deepak, would take this man’s advice on how to deceive people…. The accused was converting all the deceived money…on a crypto platform. The cryptocurrency was then transferred to his other associates who cashed it using hawala channels. They thought it would be an easy way to hide the money trail.

An FIR has been registered under IPC Section 419 (cheating by impersonation) and 420 (cheating to induce delivery of goods), police said.


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