Swami Ayyappa Naravula, 42, a resident of Hyderabad, was arrested by Ahmedabad Cyber Crime Police on Wednesday for allegedly defrauding a client of Rs86 lakh. Naravula is accused of impersonating the owner of a company and tricking the victim into transferring a large sum of money for an ongoing project. After receiving the funds, he is said to have converted the money into cryptocurrency and transferred it to foreign bank accounts.
The case was uncovered after the victim filed a complaint, stating that he was approached by an unknown individual who had created a fake WhatsApp account. The scammer used the company owner’s photo as the profile picture and communicated with the victim, falsely claiming to be the owner. The fraudster then convinced the victim to make an urgent payment as part of a business deal, leading to the transfer of Rs86 lakh.
Upon investigation, Ahmedabad Cyber Crime Police raided Swami Ayyappa Naravula‘s residence and seized several items, including:
- Four mobile phones
- One computer
- 36 cheque books
- Three debit voucher books
- Eight RTGS/NEFT voucher books, among others.
These items are believed to contain crucial evidence related to the fraudulent activities. The police are examining the seized materials to further track the flow of the defrauded funds and establish the broader scope of the scam.
In an unusual twist, Naravula allegedly used cryptocurrency to launder the stolen funds, transferring them to foreign bank accounts. Authorities are working closely with financial institutions and international agencies to trace the cryptocurrency transactions and identify any accomplices involved in the crime.