Delhi Police on Monday arrested six men linked to a cryptocurrency investment scam involving Tether (USDT), which duped investors by promising high returns via a fake app named Bitop.
The scam surfaced after a victim reported being cheated of Rs 10 lakh after downloading the fraudulent crypto trading application through a Facebook Messenger link. The victim was shown fake gains but was asked to pay a 30% clearance fee to withdraw funds, prompting him to approach Cyber Police.
An FIR under Section 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS) was registered. Interrogation revealed a complex chain involving multiple accused: Garima Singh, who provided her bank details for a small fee; Alok Singh, who procured bank accounts from villagers; Avinash Verma, who sold these accounts to the mastermind Himanshu Baisoya for Rs 15,000 each.
Himanshu Baisoya, a BCA graduate from Delhi, operated the accounts, withdrew the defrauded money in cash, and converted it into USDT with help from Kamal Insan, an interior designer, and Simranjeet Singh, a BCA graduate. Verma facilitated the supply of bank accounts necessary for the fraud.
Police recovered five mobile phones, a laptop, and four Punjab National Bank passbooks used in the scam. Investigations continue as authorities probe deeper into the operation.
