The Surat Cybercrime Police have arrested three individuals in a Rs54 lakh cryptocurrency investment scam involving fraudulent coins and fake promises of high returns.
The accused—Jaysukh Kachhadiya, Nikunj Avaiya, and Haresh Gajera—allegedly operated as agents who promoted coins like PLC Ultima, Aura, and BDLT. They lured investors by promising returns of 3–4 times the initial investment, according to police officials.
The case came to light after a victim invested heavily based on their claims:
Rs51.74 lakh in PLC Ultima
Rs3.01 lakh in BDLT Coin
Rs1.50 lakh in Aura Coin
When the victim requested to withdraw his investments, the accused failed to return the money, prompting him to file an FIR.
Investigations revealed that the trio had:
Published newspaper ads to attract investors
Hosted a lavish promotional event at a hotel in Udaipur, attended by over 200 people
These events were used to create legitimacy and urgency around the fake crypto tokens. Authorities say this was a classic case of a pyramid-style investment scheme disguised under cryptocurrency.
The Surat Cybercrime Police have booked the trio under multiple sections, including:
The Gujarat Protection of Interest of Depositors Act
The Prize Chits and Money Circulation Schemes (Banning) Act
The Information Technology Act
Relevant sections of the Bharatiya Nyaya Sanhita (BNS)
A local court has granted three days of police custody for further investigation into potential accomplices, financial transactions, and the origin of the fraudulent coins.
