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HomeTechTwo Accused of Rs. 38-Lakh Crypto Fraud Nabbed by Rajkot Police

Two Accused of Rs. 38-Lakh Crypto Fraud Nabbed by Rajkot Police


As a part of an alleged cryptocurrency racket, the Rajkot crime department in Gujarat have arrested two folks from Surat for duping 17 folks of Rs. 38 lakh by promising them greater returns on their cryptocurrency investments. As per the police, the alleged crypto racket was masterminded by a person based mostly out of Dubai with 4 folks beneath the police radar in the intervening time, two of which have been arrested. The 4 accused launched the scheme in September 2020, after organising a portal named ‘cybertron.stay’ and tricked folks into signing sensible contracts that took their funds.

The arrested suspects, recognized as Brijesh Gadiyali and Kiran Panchasara, are each residents of Surat. Whereas two different accused, Dhaval Laheri and Hitesh Gupta, stay at massive. Rajkot police commissioner Manoj Agarwal claims that the 2 people which are but to be arrested are probably overseas. The commissioner additionally confirmed that the racket might need begun in Surat however unfold to Rajkot quickly after.

As per a NewsroomPost report, the accused suggested folks to put money into Tron, a cryptocurrency that they promised would pay traders a 2 p.c revenue per day of their digital wallets. Inside 150 days, the funding greater than tripled. They instructed the traders to search out others like them with a purpose to immediately triple their funding and obtain an additional 10 p.c fee as a reward for including others to the scheme.

The 17 victims concerned within the scheme invested Rs. 52.20 lakh and obtained Rs. 13.90 lakh in return by way of numerous channels that embody money, financial institution transfers. In keeping with the Rajkot crime department inspector, VK Gadhvi, the accused had launched their very own cryptocurrency named Megatron, throughout a present that was held in Udaipur.

The accused had additionally promised the traders that the worth of Megatron and Tron can be the identical, the police inspector stated. The worth of Megatron decreased on the next day and it was valued at Rs. 00.001, which result in a lack of Rs. 38 lakh, the police added.


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Shomik is a senior sub-editor at IHNS. As somebody who’s screened the patron tech house for the previous 4 years, he is now shifted focus to the crypto-verse. When not changing forex values in his head, chances are you’ll discover him in an intense five-a-side soccer match or grinding out the latest Future 2 weekly problem on his Xbox. You may attain him for suggestions or queries at ShomikB..
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