Ahmedabad Man Alleges ₹47.78 Lakh Crypto Fraud After USDT Promised In Exchange for Cash

The Detection of Ahmedabad Crime Branch has registered a case against three men for allegedly cheating a businessman of ₹47.78 lakh on the pretext of providing USDT cryptocurrency in exchange for cash.

Jagdish Babulalji Bishnoi, 36, a businessman from Rajasthan, approached his friend in Ahmedabad in April 2026 after deciding to invest some of his savings in the stock market or cryptocurrency.

The complainant told police that his friend, Shankarsinh Shekhawat, introduced him to Sachin Kanaiyalal Joshi, who allegedly assured him of good returns through cryptocurrency investments. After several conversations, Bishnoi agreed to invest through Joshi.

Initial USDT Transaction Builds Trust

On May 6, Bishnoi allegedly transferred ₹95,600 through PhonePe to a person identified as Dipam Jani.

He claimed that 999 USDT was subsequently credited to his TronLink wallet.

The following day, Joshi allegedly asked him to arrange ₹23.93 lakh for the purchase of 25,000 USDT.

According to the complaint, Bishnoi arranged the money through his friend Santosh Raghunathram Saran and an angadiya firm in Mumbai. The money was allegedly handed over to Mehul Harshadbhai Parekh in Ahmedabad, following which 25,000 USDT was credited to Bishnoi’s wallet.

₹47.78 Lakh Payment Allegedly Goes Missing

However, the complainant alleged that a second payment of ₹47.78 lakh, made on May 11 through an angadiya firm to Parekh, did not result in any USDT being credited to his wallet.

When Bishnoi contacted Joshi, the latter allegedly told him that there was a problem with his cryptocurrency wallet and promised to resolve it within a day or two.

The complainant said Joshi subsequently kept delaying the matter and eventually stopped answering his calls.

Bishnoi then allegedly contacted Parekh, who told him that the ₹47.78 lakh had been collected from the angadiya firm on the instructions of Akshay Ashokbhai Joshi.

Three Men Booked In Crypto Fraud Case

The complainant has alleged that Sachin Joshi, Akshay Joshi and Parekh acted together to induce him to invest in cryptocurrency, took ₹47.78 lakh from the angadiya firm and neither provided the promised USDT nor returned his money.

The Crime Branch has registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and begun an investigation into the alleged financial transactions and the roles of the three accused.

Investigators are expected to examine payment records, wallet transactions, communications and the movement of the money to establish the sequence of events and determine where the alleged fraud took place.