Crypto fraud crackdown: CBI exposes massive Rs 7.7 crore fraud against US citizen
As per a recent report, an Indian man has been arrested in an international crypto scam for cheating a US citizen of Rs 7.7 crore.
Highlights
- The accused Shaishav convinced the victim to transfer 28 Bitcoins, 55 Ethereum, 25,572 Ripple, and 77 USDT to a purportedly secure wallet
- Once the transfer was made, the funds disappeared, leaving the victim in substantial financial distress
In a shocking case of international cryptocurrency fraud, an Indian man named Ramavat Shaishav has been apprehended for allegedly duping a US citizen of cryptocurrency worth over $930,000 (approximately Rs 7.7 crore). The Central Bureau of Investigation (CBI) confirmed the arrest following an elaborate operation that uncovered the intricate web of deceit spun by the accused.
Elaborate email scam unraveled
Shaishav, based in Ahmedabad, reportedly posed as "James Carlson" from Amazon's fraud department. He initiated contact with the victim through email, claiming that the individual’s Amazon account had been compromised. Under the guise of securing the victim's assets, Shaishav convinced him to transfer 28 Bitcoins, 55 Ethereum, 25,572 Ripple, and 77 USDT to a purportedly secure wallet. However, once the transfer was made, the funds disappeared, leaving the victim in substantial financial distress.
CBI’s swift action & accomplices uncovered
Promptly responding to the victim’s report, the CBI launched an investigation. Through meticulous tracing of IP addresses, the agency successfully identified and located Shaishav. A raid at his residence led to the seizure of cryptocurrencies valued at $939,000, along with crucial incriminating evidence. Additionally, two of Shaishav’s accomplices, both residing in Ahmedabad, were identified and their facilities inspected, resulting in the confiscation of mobile phones, laptops, and other digital devices holding further evidence of the scam.
Fabricated documents & misappropriation exposed
To manipulate the victim, Shaishav went to great lengths, even fabricating an official letter dated September 20, 2022, purportedly issued by the US Federal Trade Commission. The victim, deceived by this elaborate ruse, withdrew $130,000 from their bank accounts and deposited it into the Bitcoin address provided by the accused. This amount was subsequently misappropriated by Shaishav, deepening the financial losses suffered by the victim.
The CBI is actively pursuing the case against the accused and his accomplices, ensuring that justice is served for the victim. This incident serves as a stark reminder of the vigilance needed in online transactions and highlights the importance of cybersecurity awareness in the digital age.
