Chaumu (Rajasthan). A major alleged fraud worth around ₹100 crore has come to light in Chaumu, Rajasthan, involving promises of high returns through investments in property and cryptocurrency. Police have arrested two maternal cousins in connection with the case. The accused have been identified as Mohit Kaloya, a resident of Biharipura, and Ghanshyam Kandel, a resident of Chithwadi in Chaumu. Police allege that the two lured people with promises of high profits from investments in property and cryptocurrency, particularly USDT, and collected crores of rupees from relatives, acquaintances and others.
According to police, the two accused entered into a partnership in January 2024. Ghanshyam was responsible for digital transactions and managing funds, while Mohit had been involved in foreign currency trading since 2017. To build credibility among potential investors, the two allegedly set up a high-profile office where people were introduced to investment opportunities involving property and digital currency with promises of substantial returns. Police suspect that the image created around the operation was used to gain investors’ confidence and collect large amounts of money.
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The investigation has revealed that the alleged fraud was not limited to outside investors. The accused allegedly targeted their own relatives and acquaintances and persuaded them to invest. In one complaint alone, the accused are alleged to have received ₹1.55 crore through cheques and around ₹4 crore in cash. Initially, they allegedly maintained the confidence of investors by assuring them about investments and returns. However, after the company was shut down and the accused allegedly went absconding, investors realised that their money had been trapped and suspected fraud had taken place.
Considering the seriousness of the case, police formed a special team to trace the accused. The team used technical evidence, CCTV footage and information from informants to track their movements. During the investigation, Mohit’s location was traced to Gurugram. A police team conducted a raid there and arrested him. Based on information obtained during questioning, police traced his associate Ghanshyam and subsequently arrested him as well.
Following their arrests, police are questioning the two accused face-to-face. Investigators are examining the money allegedly collected in the name of investments, along with bank accounts, digital transactions, cryptocurrency dealings and other financial channels. Police are also trying to determine how many people were affected by the alleged ₹100 crore fraud and through which accounts or channels the money was transferred.
During the operation, police seized luxury vehicles worth around ₹1.25 crore from the accused. The seized vehicles include an Audi car, a black Mercedes E-450 and a Triumph Street Triple sports bike. Police have also frozen a bank fixed deposit worth around ₹1 crore linked to the accused. Computers, laptops and mobile phones were also seized during the action.
Police are now conducting a detailed technical examination of the seized electronic devices. Investigators are examining chats, banking records, conversations with investors, digital transaction details and cryptocurrency-related information found on the devices. These digital records are expected to help investigators establish the movement of the allegedly defrauded money and determine the role of other people who may have been connected with the network. Police are also examining the property and financial transactions linked to the accused. The investigation is ongoing.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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