Ludhiana resident Nitin Sharma has been arrested for allegedly orchestrating a cryptocurrency scam, defrauding a Delhi resident of over Rs31 lakh, police confirmed on Monday.
According to investigators, Sharma created a fake trading platform called ‘BitBank’, impersonating an executive to trick the victim into investing. He lured the individual with promises of high returns through bogus shares and IPOs, exploiting growing interest in digital assets.
Authorities found that Sharma operated through multiple mobile numbers linked to Cambodia, hinting at an international nexus behind the cybercrime.
During the arrest, police seized several high-end smartphones containing incriminating chats and transaction records. Sharma, who runs a local business in Ludhiana, is currently in police custody as authorities continue to probe and attempt to uncover the broader network involved.
The case highlights the increasing risks associated with online financial scams and the need for public awareness around unverified crypto platforms.
