New Delhi: Cyber police in Uttar Pradesh’s Saharanpur have arrested two accused for allegedly cheating a firm owner of ₹1.31 crore through a fake cryptocurrency trading platform. Investigators claim the suspects operated a fraudulent investment ecosystem centred around a bogus application named “MING Coin”, using social engineering, fake testimonials and coordinated messaging groups to convince victims to invest.
Fake Trading App Under Lens
According to the complaint, the victim, identified as Anshul Gupta, approached the Cyber Crime Police Station after allegedly losing ₹1,31,25,200 in the investment scheme. A case was registered, following which investigators began tracking the financial trail and digital footprints linked to the transactions.
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During the investigation, cyber police analysed bank accounts that received the allegedly defrauded funds and examined mobile numbers connected with the operation. Based on technical surveillance and location analysis, the suspects were traced to Khoda Colony in Ghaziabad and arrested.
Two Accused Arrested
The arrested accused have been identified as Saddam, a native of Ishwapur village in Bihar’s Saran district, and Javed Ansari, originally from Dhanbad district in Jharkhand and presently residing in Ghaziabad.
Investigators allege that the duo had established a company under the name SD Placement as part of the operation. During searches, police recovered three mobile phones, one laptop, two scanners, one POS machine, seven SIM cards, a passport, 26 ATM, debit and credit cards, 20 cheque leaves, 18 cheque books, company pamphlets, business registration certificates and several bank passbooks.
Telegram, WhatsApp Used To Lure Victims
According to investigators, the accused created and promoted a fake investment platform called MING Coin, presenting it as a lucrative online trading opportunity. They also allegedly operated a toll-free customer support number to make the platform appear legitimate.
Police said the suspects primarily targeted victims through Telegram and WhatsApp, circulating invitation links and adding users to investment groups. Inside these groups, victims were allegedly shown fabricated profit screenshots and positive testimonials posted by people working with the fraudsters.
Money Trail Being Traced
Once prospective investors gained confidence, they were encouraged to invest larger sums with assurances of high profits. Investigators allege that after collecting significant amounts, the fraudsters either blocked withdrawals or diverted the funds through multiple bank accounts under their control.
Police are continuing to examine digital evidence and financial records recovered during the operation to identify additional suspects and trace the movement of the allegedly defrauded money.
