n a major breakthrough, the cybercrime division of Odisha’s State Crime Branch has arrested five individuals involved in a multi-crore cryptocurrency fraud. The group is accused of defrauding a businessman of Rs6 crore ($699,000) by running a fake cryptocurrency trading scheme.
The arrested individuals are Sejal Ravikumar Sabhaya, his father Sabhaya Ravi Kumanbhai, his mother Sabhaya Kumanbhai, Paras Dhirubhai Jesani, and Dharmesh Nanubhai Savaliya. The fraudulent group created a fake cryptocurrency exchange to deceive investors into making significant financial losses.
The scam began when a woman posing as a Hong Kong-based software developer approached the victim through social media. She promised him lucrative returns on his investments. To make the scheme appear legitimate, the victim was added to a fake group with actors pretending to be successful investors. The scammers manipulated him into transferring substantial amounts of money.
Convinced by the false promises, the businessman sent Rs6.16 crore between May and June 2024 to bank accounts controlled by the fraudsters. As the businessman tried to withdraw his purported earnings, the scammers continued to delay the process, eventually cutting off communication and deleting their contact details.
It wasn’t until the victim was asked to pay an additional Rs89 lakh for a refund that he realized the scam. He immediately reported the incident to the police, triggering an investigation by Odisha’s Crime Branch. Authorities tracked digital transactions and banking records, leading to the arrest of the five suspects in Surat, Gujarat.
This case highlights the growing threat of cryptocurrency-related frauds in India. In February, another cryptocurrency scam in Gujarat resulted in the confiscation of $190 million by the Enforcement Directorate.
Authorities continue to warn people to be cautious of cryptocurrency scams, advising investors to verify the legitimacy of platforms and to conduct transactions through certified, government-approved sites.
