Five young men from Jodhpur, Rajasthan, including a Class 10 student, were arrested for allegedly siphoning off Rs50 crore and converting it into cryptocurrency in collaboration with Chinese cyber scammers. The gang is said to have opened 35 fake bank accounts to carry out the fraud.
According to Vinod Kumar, the Cyber Police Station in-charge, the authorities arrested Akshay Kumar, Rakesh, Ramdin, and Bhom Singh from Kota on January 16. Their operations were mainly carried out from Kota.
The police discovered that over the span of seven months, the gang converted Rs50 crore from Indian currency into cryptocurrency and transferred the funds to China. The accused would deduct their commission from the fraudulently siphoned amount and send the remainder to their Chinese accomplices.
Further investigation revealed that the money was transferred to 30 to 35 different bank accounts. When the police examined the mobile phones of the suspects, they found over 11,000 screenshots documenting various transactions linked to the crime.
The police are continuing to investigate the full scope of the operation and identify other potential accomplices in the international scam.