Surat: The Surat Cyber Crime Cell has arrested a city based man after investigations revealed his involvement in an international network of cyber fraudsters accused of siphoning off Rs 21.55 crore by luring victims with promises of quick, high returns through cryptocurrency trading.
Investigations found that Vikas Kumar Bishnoi was part of a gang that enticed people to invest in cryptocurrencies with the false promise of doubling their investments. The Police have recorded transactions worth ₹21.55 lakh made in various instalments to various bank accounts, after Vikas enticed them to pay through a fraudulent crypto trading application.
According to the cybercrime cell probe, various fake admin accounts were used to siphon funds in a pre-planned and coordinated manner. Key evidence also suggests the direct involvement of a Chinese cyber fraud syndicate.
As part of the gang, Vikas Bishnoi used to buy USDT at the market price of ₹94 and sell it at a higher price, about ₹97, through payment apps like TOP PAY and HK PAY and pocket the difference. The money was routed to different Indian bank accounts, and his Binance wallet had a USDT balance of 53.08 during the last one year.
Currently, Vikas Bishnoi has been remanded to police custody for three days. The Cyber Crime Cell is now working to trace the transaction details of other involved members of the racket, amid concerns that the syndicate ran from foreign servers, making the whole process of unearthing the scam even more challenging.
