Ahmedabad cyber sleuths bust ₹57 lakh crypto investment fraud, 6 arrested

The Cyber Crime Branch of Ahmedabad city has arrested six persons for allegedly providing bank accounts and logistical support to a cyber fraud syndicate that duped a complainant of ₹57.9 lakh on the pretext of cryptocurrency investment promising high returns. A key accused, believed to be operating from Dubai, remains absconding.

Police said the case was registered at the Cyber Crime Police Station under Sections of the BNS, along with Sections of the Information Technology Act.

Fraud through fake crypto investment platform

As per an official, the accused befriended the complainant on Facebook, thereafter luring him into investing in cryptocurrency by promising substantial returns. The victim was then persuaded to download a mobile application named 'CBOE US' and invest in USDT.

Investigators said the accused provided multiple bank account details and systematically siphoned off ₹57.9 lakh from the complainant through a series of transactions. The fraud came to light following a complaint, after which the Cyber Crime Branch launched a technical and human intelligence-based probe.

Network spanning multiple states and Delhi link

During the investigation, police identified a wider network involving account holders, middlemen, and handlers operating across states. The accused allegedly arranged bank accounts, transported account holders to Delhi for financial transactions, and facilitated the movement of defrauded money.

Officials said the Dubai-based accused, identified as Mayur Savaliya, is believed to have coordinated the operation and transmitted bank account details to the syndicate members in India.

Six accused arrested

The arrested individuals have been identified as:

• Tahir Fezmohammed Belim (42), a resident of Sarkhej, Ahmedabad
• Adnan Liaqatbhai Sheikh (28), a trader residing near Relief Road, Ahmedabad
• Ajaz Jilanibhai Sheikh (34), a businessman from Dariyapur
• Omkar Bharati Goswami (28), a trader with links to Amreli and Surat
• Maqsud Rafiqbhai Mirza (39), a businessman from Ahmedabad
• Sunny Ashok Kumar Maggo (38), a resident of Uttam Nagar, Delhi

Police revealed that five bank accounts were opened and used in the fraud, out of which four accounts were linked to at least 41 cyber fraud complaints registered across states. The accounts saw transactions totalling approximately ₹1.5 crore.

The accounts were reportedly opened in the name of entities such as Crystal Interior Designers Private Limited across various banks, including Bandhan Bank, ICICI Bank, Yes Bank, and others.

Officials said further investigation is underway to trace the money trail, identify additional victims, and apprehend the absconding accused. Authorities are also examining the role of others who may have facilitated the operation.