Andhra CID Busts International Crypto Fraud, Victim To Get Rs 15 Crore Refund
Investigators found that the fraud syndicate routed the proceeds through multiple non-custodial cryptocurrency wallets and suspected fraudulent platforms.
The Andhra Pradesh Crime Investigation Department (CID) has successfully dismantled a transnational cryptocurrency investment fraud amounting to approximately USD 1.5 million (Rs 15 crore), according to police reports. The investigation, initiated after a complaint from a Tenali-based victim, led to the arrest of four accused individuals from Hyderabad and Maharashtra, with two others believed to be located abroad in Malaysia, China, and Portugal.
The victim was allegedly deceived into investing her money in cryptocurrency, believing the promises of high returns, and subsequently cheated of Rs 15 crore.
The fraudsters allegedly utilized thirteen non-custodial cryptocurrency wallets, including one linked to Robinhood and twelve on Onchain, to facilitate the theft. The victim allegedly transferred funds to these wallets and then routed them to two fraudulent investment platforms, Honeycomapi.org and Alibarbit.bit, under the false impression that they were legitimate.
Through the making of 27 cryptocurrency transactions involving Bitcoin, Solana, and Dogecoin worth around USD 1.5 million, the proceeds were allegedly concealed and rerouted through multiple layers of transactions and mule accounts, making their origin and movement difficult to trace.
CID DGP Ravi Shankar Ayyanar stated that the department, with the help of technical expertise and international coordination, successfully traced the movement of the defrauded cryptocurrency. Fifteen Bitcoin transactions were identified leading to four accounts on the Gate.io exchange, which were linked to the syndicate. The identified assets were subsequently frozen through judicial proceedings.
The investigation was conducted in collaboration with the Indian Cyber Crime Coordination Centre under the Union Home Ministry, and two accused were arrested from Hyderabad while the remaining were apprehended from Maharashtra. A chargesheet was filed against the accused before the Sixth Additional Junior Civil Judge-cum-Special Court for CID cases in Guntur, which released an order for the return of the property on October 30.
Written by urgent.news from The Indian Express's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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