Cyber cell unit of Pune nabs suspect in crypto fraud

In a significant breakthrough, the cyber cell unit of Pune apprehended Prashant Kumar from Gujarat on Saturday in connection with the ongoing Bitsolives cryptocurrency fraud.

Kumar, along with two accomplices, has been accused of orchestrating investment seminars across various cities, including Mahabaleshwar, Pune, and Mumbai, where they allegedly enticed unsuspecting individuals with promises of high returns on cryptocurrency investments.

The fraud happened in 2021-22 in which at least eight investors have been duped initially for the tune of ₹84,34,641.76 but during the probe amount rose to ₹ 1 crore.

Last year, police arrested Ganesh Shivkumar Sagar (47), from Delhi and a search for another suspect is underway.

According to police, the trio successfully organised seminars that attracted numerous participants, exploiting the growing interest in cryptocurrency investments. The suspects allegedly presented themselves as seasoned experts in the field, assuring attendees of lucrative returns on their investments in Bitsolives, a cryptocurrency platform.

So far, eight victims have come forward and lodged formal complaints against the accused, prompting the police to initiate a thorough investigation into the matter.

Police officials have revealed that the accused took advantage of the victim’s lack of knowledge about cryptocurrency investments, creating an illusion of legitimacy around their operation.

Police inspector Chandrashekhar Sawant said, “The accused asked investors to purchase Bitcoin and asked them to keep that in a wallet provided by Bitsolives company. After a few months accused switched off their phone and duped several people.’’

A case has been registered at a cyber police station under sections 406, 420, and 34 of the Indian Penal Code and sections 66(D), of the Information Technology Act.