The Bidhannagar police in Kolkata have arrested Harshik Mukeshbhai Patel, a 26-year-old man from Ahmedabad, Gujarat, for his involvement in a crypto investment scam that defrauded traders of Rs 1.5 crore in 2023.
Patel was apprehended in Chandkheda, Gandhinagar district, Gujarat, and transported to Kolkata for remand following a complaint by 34-year-old Aurobinda Maji of Kolkata. Maji alleged that he was duped by a fraudulent cryptocurrency platform that promised huge gains and provided users with wallets to deposit funds and watch fake investment growth.
The scam platform mimicked legitimate crypto wallets and trading websites with a professional look. Victims were encouraged to invest in multiple digital assets with promises of guaranteed profits ranging from 10% to 25% in just days. This tactic ensured users kept reinvesting even when some assets lost value.
Investigations revealed the criminals used multiple bank accounts to siphon funds. Police traced a portion of the stolen amount to an IDFC First Bank account held by Patel, with funds withdrawn shortly after deposit.
During the arrest, police seized several items linked to the financial transactions. Authorities suspect Patel is part of a wider network involved in similar scams and continue their investigation to identify more accomplices.
This arrest comes amid a surge in digital asset-related crimes in India. Recently, a victim lost Rs 1.67 crore after being lured through WhatsApp by a scammer posing as a bride working in a Singapore-based crypto firm.
