Agra | 12 December 2025 | In the backdrop of rising cybercrimes linked to digital investments and cryptocurrency in Uttar Pradesh, the Agra Cyber Police have unearthed a major fraud built around a fake crypto coin and a multi-level marketing network. The syndicate duped nearly 1,500 investors across Agra and nearby districts, siphoning off crores of rupees by promising extraordinary returns. Police have arrested the alleged mastermind, Ajay alias Tipu, a resident of Amritpur in Aligarh.
Fake “American Crypto Coin” Used to Lure Investors
According to ADCP City Aditya Kumar, Ajay and six associates fabricated an entirely fictional cryptocurrency, falsely projected as a US-based digital asset. They created an online platform and domain that appeared legitimate, where investor IDs were sold for ₹8,000 each. Victims were told that a coin priced at 25 paise would rise to 10 dollars within three years.
To win trust, the gang initially released small “profits” to select investors, who were then encouraged to bring in more people — classic MLM psychology at work. As confidence grew, victims began investing larger sums.
Investigators revealed that the accused flaunted luxury cars, branded outfits and an extravagant lifestyle to persuade potential investors. Their social media feeds were carefully curated to project financial success and authenticity, making the scam appear credible.
1,500 People Cheated; One Woman Died by Suicide
Police estimate that the group duped around 1,500 individuals in Agra alone. Many victims had invested their life savings, sold jewellery, or borrowed money, believing they would receive high returns.
In a tragic consequence of the fraud, a woman from Karvana village died by suicide in 2024 after coming under severe financial stress. Her family’s complaint triggered one of the key FIRs in the case.
During interrogation, Ajay admitted that the gang had been operating for the past five years, travelling across Uttar Pradesh, Rajasthan, Madhya Pradesh, Haryana and Delhi to lure investors. After the crypto boom during the post-Covid period, they saw an opportunity to exploit public curiosity for quick digital profits.
How the Crypto MLM Network Operated
ADCP Aditya Kumar described the operation as “highly organised”:
- Creation of Fake Coin & Website
– A fabricated “American” crypto token was launched.
– Online wallets and dashboards were created to record investor details. - MLM Chain Expansion
– Investors were promised commissions for adding new recruits.
– Early payouts were staged to build credibility and push reinvestments. - Lifestyle Marketing Strategy
– Expensive cars, phones and designer wear were showcased to display success.
– Existing investors unknowingly became promoters, expanding the chain. - Exit After Target Numbers Achieved
– Once enough money was collected, the website, app and servers were shut down.
– The gang fled with investors’ deposits.
Police believe the same model was replicated across several states.
Six Accused Still on the Run
While Ajay is in custody, six members of the syndicate — Narendra Sisodia, Shubham Sisodia, Gopal, Vinay, Vinod and Sachin Goswami — are still absconding. Police teams deployed across multiple districts are searching for them. Several digital devices, mobile phones and documents have been seized and sent for forensic examination.
Crypto-Linked Frauds Rising Across UP
Officials note that cryptocurrency-based frauds have sharply increased in recent months. Experts say low awareness, poor financial literacy and the lure of quick returns make people easy targets for such scams.
Police have urged citizens to remain cautious:
- Avoid investing through unregulated or unidentified platforms
- Be wary of any scheme promising unusually high returns
- Verify the legitimacy of any crypto project with certified regulatory sources
