In a significant crackdown, the UP Special Task Force (STF) arrested Sameer Keshari, the alleged mastermind behind a massive fraud involving a fictitious virtual currency known as Ruby Coin. Keshari reportedly duped thousands of investors across India by promising guaranteed profits before attempting to convert their investments into cryptocurrency and flee the country.
Keshari, a resident of Dwarka in Delhi and originally from Malda in West Bengal, was apprehended near Gol Chauraha, close to HCL IT City in Lucknow. During the arrest, authorities seized several items, including a laptop, phone, passport, PAN card, Aadhaar card, and other crucial documents.
The scam is estimated to involve around Rs150 crore, with Keshari raising funds by promoting Ruby Coin and presenting forged licenses from various global virtual currency exchanges to give the operation a veneer of legitimacy.
According to DySP (STF) DK Singh, Keshari lured unsuspecting investors with promises of safe capital and lucrative returns, assuring them they could withdraw their investments after three years. As an added incentive, he offered complimentary tour packages. However, as time passed, investors found their balances disappearing. When they inquired about the missing funds, Keshari provided excuses such as server updates or payment delays.
Keshari operated a fake coin exchange called CTS Cola, purportedly based in Dubai but actually controlled locally through a server he managed. Investors were misled with false account balances displayed on the Ruby Coin website, which lacked a legitimate backend exchange system.