Chennai police nab Surat man for crypto fraud

CHENNAI: The Cybercrime wing of the Greater Chennai City Police a Gujarat-based man who allegedly swindled people by luring them into investing in cryptocurrency on the promise of high returns for their investment.

The city police formed a special team following a complaint from a man from Ayanavaram. According to the complainant, he was convinced by people he got acquainted online to invest in cryptocurrency for higher returns.

Believing their claims, he had sent Rs 11 lakh in installments to the bank accounts that the gang that given him. However, he did not get any money as was promised. When the victim started asking questions, they initially dodged him and subsequently cut all ties after which a police complaint was filed.

Investigating the case, the police team analysed the phone numbers that they used to contact him and also the Internet Protocol (IP) address of the emails. They found that the conmen were operating from Surat, Gujarat. Police also procured the CCTV images from the ATMs where the accused had withdrawn money deposited in the bank accounts.

On June 14, a team from city police arrested one Mahboob Ibrahim. After producing him before a magistrate there and obtaining a transit warrant, the officials brought him to city and produced him before a magistrate here. He was remanded in judicial custody.

Further investigation is on to trace and nab his accomplices.