Tambaram cops unearth multi-state crypto fraud linked to Hong Kong

CHENNAI: Investigating the case in which a 45-year-old man from Tambaram lost Rs 70 lakhs to a gang who convinced him to invest in cryptocurrency, the police in Tambaram have unearthed a network that is linked to many states and some companies in Hong Kong.

During the interrogation of a man who was arrested from Rajasthan, the police found that the gang had cheated several people and had transferred at least Rs 2.25 crore to Hong Kong.

The case came to light after Mohan Das of West Tambaram, a private firm employee, filed a complaint in April. A few months ago, he became friends with a few people on social media. They introduced him to cryptocurrency and lured him on the promise of earning a substantial profit on his investments if he followed their instructions.

Falling for their smooth talk without realising the risks involved, he followed all their instructions and invested a small amount. Within a few days, he received double the amount that he invested. After the money was credited in his account, Mohan Das believed them completely and wanted to earn more money. Caught in the lure of getting rich quickly, he deposited around Rs 70 lakh in a few accounts as the gang instructed.

Much to his shock, the whole scenario changed soon after he invested the money in bulk. There was no return on the investment and the mobile phone numbers of his contacts remained switched off. After trying to reach them multiple times, he realised he was cheated by them.

Mohan Das then approached the Tambaram city police Commissioner A Amalraj with a complaint detailing the whole incident. The Cybercrime wing officials registered a case and started hunting for the fraudsters, which proved to be an arduous task.

Finally, after persevering with their efforts, the police officials finally caught a break when they managed to identify a gang member from Rajasthan through his mobile phone number. A special team that was constituted to track and nab them went to several states searching for the gang members.

The team arrested a man identified as Nigal alias Priyanshu, and seized two mobile phones and laptops from him. The police brought him to Tambaram for detailed interrogation. During the inquiry, the police found that the gang had cheated many people in various places using the same modus operandi and had transferred Rs 2.25 crore to companies that are functioning in Hong Kong.

On Friday, Nigal was remanded in judicial custody, while the police are searching for the others who are linked to the gang.