New Delhi: Police have arrested two alleged masterminds behind a large-scale cryptocurrency fraud worth nearly ₹100 crore, an official said on Sunday. The accused are believed to have cheated several thousand people across four Indian states by luring them into a fake investment scheme.
According to the police, the arrested men have been identified as Vinod, a resident of Baghpat, and Vinay, from Lucknow. Investigators said the duo created a fraudulent cryptocurrency website and organised promotional seminars at prominent hotels between 2019 and 2021. During these events, they allegedly promised investors unusually high returns to gain their trust and encourage large investments.
Authorities said that around 1,500 people were duped in Agra alone, while the total number of victims runs into several thousands across Uttar Pradesh, Haryana, Himachal Pradesh and Uttarakhand. The investigation has so far revealed that the accused collected nearly ₹100 crore from investors in these states and diverted the money for personal use.
Police also revealed that Vinod has been previously booked in multiple cases, indicating a history of similar offences. One of the accused persons’ associates, identified as Ajay, has already been arrested earlier and sent to jail by Agra police, while several other suspects linked to the scam are currently absconding.
Officials said further raids are underway to trace the remaining accused and recover the defrauded money, adding that the investigation is still in progress.
