CBI raids
The CBI has registered a case against 7 accused in a case related to the digital currency Ponzi scheme that promises high returns on cryptocurrency transactions worth more than Rs 350 crore. Search was conducted at 10 places in 7 states/union territories. During this period, several objectionable digital evidence and equipment were recovered, including cash of Rs 34 lakh, 38, 38 US dollars in Cryptocurrency Wallet.
Case registered in these sections
Central Bureau of Investigation Bureau along with Section 420 of the Indian Penal Code (IPC) read Section 120B and Section 66D of the Information Technology Act, 2000 under Delhi, Hazaribagh, Bathinda, Ratlam, Valsad, Pudukkottai, Chittorgarh cities located in the cities (Those who are operating separate organized cyber crime modules) have filed a case.
False and misleading information given to investors
It is alleged that the accused people working in criminal conspiracy are actively running various Ponji and fraud schemes promising cryptocurrency investment -based high returns. They are also accused of promoting, promising and disseminating false and misleading information to woo investors in these irregular deposit schemes, which operate without expected approval from regulatory authorities such as the Reserve Bank of India (RBI).
CBI raids conducted at these places
In the context of investigation, the CBI conducted a search operation at 10 places in seven states/union territories including Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu and Rajasthan. As a result of the search, Rs 34.2 lakh cash along with seven mobile phones, a laptop, a tablet, three hard disk, 10 pen drive, memory card, SIM card, ATM/debit card and important digital evidence including many objectionable documents were also recovered. .
Fake detected by transaction of bank accounts
In this sequence, a total of US $ 38,414 (approx) digital virtual assets were seized in the cryptocurrency wallet of the accused individuals, which was digitally secured for investigation. These Ponzi schemes were being encouraged through many social media groups. The transaction of bank accounts and analysis of the cryptocurrency wallet showed that the illegal amount received from these schemes was being converted into cryptocurrency to hide its source.
Transaction of over Rs 350 crore
Investigations have revealed that the accused have virtual digital assets (VDA) wallets with several bank accounts and cryptocurrency exchanges such as Coindcx, Wazirx, Zebpay and BITBNS. In a period of two years, these accounts and wallets transacted more than Rs 350 crore. The victims were allegedly cheated by making various excuses such as online loan, online lucky order, UPI fraud and internet banking scam. Investigation is going on in this case.
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