Delhi Police bust cryptocurrency syndicate with the arrest of six fraudsters

With the arrest of six cyber fraudsters, the Delhi Police dismantled a gang involved in a cryptocurrency investment fraud, it said on Tuesday.

The accused have been identified by the cops as Himanshu Baisoya, Avinash Verma, Alok Singh, Garima Singh, Simranjeet Singh, and Kamal Insan.

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Ankit Chauhan, Deputy Commissioner of Police, said, “The gang lured victims into investing in cryptocurrency trade through Facebook Messenger, promising high returns in USDT.”

“The victims were induced to download a fake crypto trading application, and their funds were transferred to bank accounts provided by the fraudsters. When the victims tried to withdraw their amount invested by them, the accused demanded a 30% clearance fee,” the officer mentioned.

While investigating the case, a police team conducted extensive technical and fieldwork, apprehending the accused. Garima Singh, who was the first to be arrested, revealed that she had provided her PNB bank account to Alok Singh for a sum of Rs. 1,000.

Further probe led to the arrest of Avinash Verma, Alok Singh, Himanshu Baisoya, Simranjeet Singh and Kamal Insan. Five mobile phones, one laptop, and four passbooks used in the commission of the crime were recovered from their possession.

The DCP further added that the gang operated by providing bank accounts, withdrawing cheated funds in cash from ATMs, and purchasing USDT. Himanshu Baisoya, the mastermind, operated multiple bank accounts and remained in contact with his accomplices via Telegram and other messenger applications.

A case has been registered under the relevant sections of the BNS, further inquiry is ongoing in this matter, stated the DCP.