- Prakasam ready for ZPTC, MPTC polls
- Power lines, houses damaged in Prakasam
- CPM seeks immediate relief to cyclone-hit farmers
- Leopard movement sparks concerns in Tirupati
- Centre’s nod for five Telangana projects worth Rs 3,892 crore
- Nilekani meets Naidu, discusses exam reforms
- TTD’s food lab a role model to the nation: Addl EO
- JC orders smooth transport of ballot boxes and materials
AP CID cracks Rs 15-cr global crypto fraud
In Short
Eight accused arrested across five countries
Share :
AP CID cracks Rs 15-cr global crypto fraud
Mangalagiri: The Andhra Pradesh Crime Investigation Department (CID) has cracked a major transnational organised cryptocurrency investment fraud involving approximately USD 1.5 million (nearly Rs 15 crore), marking the first such breakthrough in the state.
The case, registered at the CID police station, Mangalagiri, relates to a woman from Tenali who was cheated of Rs 15 crore after being lured into investing in cryptocurrency with promises of exceptionally high returns.
The investigation revealed an organised international cybercrime syndicate that routed the defrauded funds through multiple cryptocurrency wallets, international platforms and mule accounts to conceal their origin.
The victim transferred money into 13 non-custodial cryptocurrency wallets before moving the cryptocurrency to fraudulent investment platforms, Honeycombapi.org and Alibarbit.bit.
A total of 27 transactions involving Bitcoin, Solana and Dogecoin, worth approximately USD 1.5 million, were traced. Further investigation established that the funds eventually reached Gate Global Corporation, a cryptocurrency exchange based in the Cayman Islands. CID officials traced 15 Bitcoin transactions to four accounts on the Gate.io exchange and secured a freeze on the identified assets through judicial proceedings.
With technical assistance from the Indian Cyber Crime Coordination Centre (I4C), ministry of home affairs, and international coordination, CID arrested eight accused, including two from Hyderabad, two from Maharashtra, one from Malaysia, two from China and one from Portugal. A charge sheet was subsequently filed before the competent court.
In a significant development, the VI additional junior civil judge-cum-special court for CID cases, Guntur, on October 30, ordered Gate Global Corporation to convert the cryptocurrency assets in the four identified accounts into USDT at the prevailing market value and transfer the entire amount to the victim’s designated wallet. The investigation was conducted under the guidance of DGP, CID, Ravi Shankar Ayyanar. A reward of Rs 10,000 was announced for the team comprising Inspector D Kasi Viswanadh, head constable B Venkateswara Rao and T Vijay Krishna. CID advised the public to verify investment platforms and avoid schemes promising guaranteed high returns. Cybercrime victims should immediately contact helpline 1930 or report complaints at www.cybercrime.gov.in.
