In a major breakthrough, the Cyber Crime unit of the Criminal Investigation Department (CID) has arrested a 26-year-old software engineer, Shubhang Jain, for allegedly stealing cryptocurrency worth Rs56 crore from his employer, Cipher Technologies Private Limited, based in Bengaluru.
According to the police, Shubhang Jain, a resident of Haryana, was working as a software developer at the tech firm when he used his access to company wallets to siphon off large amounts of cryptocurrency. Jain allegedly transferred the stolen funds into private wallets, in a scheme that spanned several months.
The CID launched an investigation after the company noticed discrepancies in their cryptocurrency holdings and reported the theft. Jain, who had been entrusted with controlling the company’s digital assets, is believed to have transferred cryptocurrencies to his personal accounts, bypassing internal security measures.
During his interrogation, Jain reportedly confessed to the crime, detailing how he exploited his position to illegally transfer the funds. The CID has initiated further steps to trace the stolen cryptocurrency and recover it, though much of the funds remain unaccounted for in private wallets.
The arrest marks a significant development in the ongoing efforts by law enforcement to crack down on digital asset thefts and fraud in the cryptocurrency sector.
Cyber Crime Unit Chief Anil Kumar stated that the CID is focusing on identifying any accomplices involved in the crime and ensuring that similar incidents are prevented in the future.