Ahmedabad: A suspected cryptocurrency fraud involving ₹47.78 lakh has come to light in Ahmedabad, where a Rajasthan-based businessman has alleged that he was cheated after being promised USDT in exchange for his money. The Ahmedabad Crime Branch has registered a case against three people based on his complaint and launched an investigation. According to the complaint, the accused first completed a small transaction to build the trader’s confidence and later allegedly took a much larger amount without transferring the promised USDT to his crypto wallet.
The complainant, 36-year-old Jagdish Babulalji Bishnoi, is a businessman from Rajasthan. According to his complaint, he was planning to invest his savings in the stock market or cryptocurrency in April 2026. During this period, he came in contact with Sachin Kanaiyalal Joshi through his friend Shankarsinh Shekhawat in Ahmedabad. Joshi allegedly assured him that he could earn good returns through cryptocurrency transactions and persuaded him to invest through him.
According to the complaint, on May 6, Bishnoi transferred ₹95,600 through PhonePe to a person identified as Dipam Jani. He subsequently received 999 USDT in his TronLink wallet. The successful completion of the initial transaction allegedly convinced Bishnoi that the people he was dealing with were genuinely providing cryptocurrency. This, according to the complaint, encouraged him to proceed with a larger transaction.
The following day, Joshi allegedly asked Bishnoi to arrange ₹23.93 lakh for the purchase of 25,000 USDT. The complainant said he arranged the money through his friend Santosh Raghunathram Saran and an angadia firm in Mumbai. The money was allegedly handed over to Mehul Harshadbhai Parekh in Ahmedabad. Following the transaction, 25,000 USDT was reportedly credited to Bishnoi’s crypto wallet. The successful transaction further strengthened his confidence in the arrangement.
The situation allegedly changed during the next transaction. On May 11, Bishnoi claimed that he transferred another ₹47.78 lakh through the angadia firm to Mehul Parekh. This time, however, no USDT was credited to his TronLink wallet. After paying the substantial amount without receiving the cryptocurrency, Bishnoi allegedly contacted Sachin Joshi for an explanation.
The complainant alleged that Joshi initially told him there was a technical problem with the wallet and assured him that it would be resolved within a day or two. However, according to Bishnoi, the explanations were followed by repeated delays. Eventually, Joshi allegedly stopped responding to his calls. When Bishnoi contacted Mehul Parekh, he was allegedly told that the ₹47.78 lakh had been collected from the angadia firm on the instructions of Akshay Ashokbhai Joshi.
Bishnoi has alleged that Sachin Joshi, Akshay Joshi and Mehul Parekh acted together to persuade him to invest in cryptocurrency. According to his complaint, the accused first established his confidence through smaller successful transactions, later collected ₹47.78 lakh, but neither transferred the promised USDT nor returned the money.
The Crime Branch has registered a case against the three accused under relevant provisions of the Bharatiya Nyaya Sanhita and started an investigation. Investigators are expected to examine payment records, bank transactions, angadia records, cryptocurrency wallet activity, digital communications and the movement of funds. A key part of the investigation will be determining where the ₹47.78 lakh ultimately went and what role each of the three accused allegedly played in the transaction.
Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said that building trust through small successful transactions can be an important warning sign in cryptocurrency-related fraud cases. He said investors should independently verify wallet addresses, transaction details, payment records and the identity of the counterparty before transferring large amounts. A successful initial transaction should not be treated as a guarantee that subsequent high-value transactions are genuine.
The allegations are currently under investigation and have not been established in court. Investigators are expected to rely heavily on digital wallet records and financial transaction trails to establish the movement of the money and determine the alleged involvement of the three accused.
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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.
