Delhi Police have arrested six individuals, including the alleged mastermind of a fake cryptocurrency trading syndicate that duped a man of Rs10 lakh through a fraudulent investment scheme.
The central figure, Himanshu Baisoya (23), a BCA graduate from Kotla Mubarakpur in Delhi, orchestrated the scam by operating multiple fake bank accounts, laundering money, and purchasing USDT (Tether cryptocurrency) through local dealers at a margin, police said on Tuesday.
Baisoya and his team built a counterfeit crypto trading platform, promoting it via social media channels with promises of high returns. Victims were shown fake profit dashboards, and when they attempted to withdraw funds, they were told to pay a 30% handling fee upfront — a red flag that prompted one victim to file a police complaint.
Deputy Commissioner of Police (South) Ankit Chauhan said an FIR was registered and multiple investigation teams were deployed. Initial leads pointed to Garima (38), a housewife from Mirzapur, Uttar Pradesh, who had shared her bank account credentials with co-accused Alok Singh for Rs1,000.
Police traced and arrested Singh and another associate, Avinash Verma, both also from Mirzapur. The duo arranged fake bank accounts in villagers’ names and sold them to Baisoya for Rs15,000 apiece, also providing SIM cards for the fraudulent operation.
Baisoya was arrested in Delhi and confessed to cash withdrawals which he converted into Tether via two crypto traders: Simranjeet Singh alias Lavi (28), and Kamal Insan alias Kamal Awana (29), an interior designer. Singh introduced Baisoya to Kamal, who facilitated the conversion of stolen money into USDT. These crypto assets were then transferred to unknown contacts via encrypted messaging platforms.
Police seized five mobile phones, a laptop, and four bank passbooks during the operation. According to DCP Chauhan, fake dashboards were created to simulate trading profits and lure more victims.
The suspects used encrypted apps to maintain anonymity, and investigations are ongoing to track down more victims and other members of the syndicate.
