A 21-year-old man, Alish Nazmuddin Hirani, was arrested for his alleged involvement in a sophisticated crypto fraud scheme that used a fake trading app to dupe investors. The scam came to light after a Delhi-based accountant lost Rs1.4 lakh and filed a complaint on September 27.
Hirani, a resident of Surat, Gujarat, had worked at a Chinese call center in Dubai for two months starting in January. Upon his return to India, he allegedly began facilitating fraudulent bank accounts for his Chinese handlers, enabling them to convert stolen funds into cryptocurrency.
The scam targeted investors through a YouTube video that led them to a WhatsApp group. In these groups, the fraudsters shared fake stock trading tips and convinced victims to download a seemingly legitimate app from the Google Play Store, promising high returns through IPOs and stock investments.
According to DCP (Outer North) Nidhin Valsan, once the victims made investments, the app displayed artificial profits of up to Rs15 lakh. However, when they tried to withdraw their earnings, they were asked to pay a 20% service fee. After receiving these additional payments, the scammers would disable the app and vanish, leaving the victims with nothing.
During the investigation, Hirani admitted to his role in the scam, confessing that he had helped arrange fraudulent bank accounts in collaboration with his associates Munawar and Salim, who are currently absconding. Hirani also facilitated the transfer of stolen funds via Trust Wallet and communicated with the Chinese handlers through Telegram.
The police are continuing their efforts to track down Hirani’s associates and recover the stolen funds.
