Cryptocurrency Scam Exposed: Cousins Arrested for Cheating Ujjain Financial Advisor

UJJAIN: The state cyber police – Ujjain apprehended two cousins, identified as Jai Popat and Yash Popat, hailing from Raipur and Manendragarh respectively, for defrauding a financial advisor in Ujjain of Rs 2 lakh using a cryptocurrency app.

The accused manipulated a vulnerability in the Binance app to carry out their deceitful act. Authorities have also recovered numerous Aadhaar and PAN cards from the possession of the accused, suggesting a potentially larger network of individuals involved in fraudulent activities.

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The victim of this fraudulent scheme, Gaurav Lalwani, a resident of the C 21 Mall Residential Complex, had lodged a complaint with the state cyber police in March. Lalwani reported that he had attempted to purchase USDT coins, a form of cryptocurrency, valued at Rs 2 lakh through the Binance app. Subsequently, Lalwani connected with a seller on the app who provided him with an account number for the transaction. Trusting the legitimacy of the transaction, Lalwani transferred the entire amount to the provided account.

Shortly after completing the transfer, Lalwani received a call from an individual claiming that the cryptocurrency transaction had been blocked. The caller instructed Lalwani to cancel the order and assured him that the entire amount of Rs 2 lakh would be refunded.

Lalwani complied with the request and cancelled the order, expecting the refund to be processed. However, to his dismay, neither the refund nor the cryptocurrency was received.

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Prompted by this unfortunate incident, Lalwani promptly reported the matter to the police, leading to the initiation of an investigation by the state cyber cell.

Based on the digital evidence and technical information gathered during the investigation, a team comprising ASI Amit Parihar, Harendrapal Singh Rathore, and constable Kamal Singh Varkade embarked on a five-day search operation across Raipur, Korea, and Manendragarh in Chhattisgarh.

The relentless efforts of the law enforcement officials ultimately led to the apprehension of Jai Popat, aged 23 and residing in Naharpara, Raipur, and Yash Popat, residing in Civil Line, Manendragarh. Notably, Jai and Yash are cousins.

During the interrogation, Yash Popat revealed his longstanding interest in cryptocurrencies, dating back to 2017, and his prior investments in the digital assets. Yash had temporarily halted his studies in Chartered Accountancy after succumbing to unhealthy habits and subsequently lost substantial sums of money through online cryptocurrency betting.

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It was during the emergence of peer-to-peer transactions on crypto apps that Yash Popat discovered a method to obtain cryptocurrency without being subjected to a 30 percent transaction tax. However, he soon realized that the crypto wallet company would block the wallet in this process.

To aid him in his fraudulent activities, Yash enlisted the help of his cousin, Jai Popat, who assisted in acquiring Aadhaar cards, PAN cards, and OTPs from unsuspecting individuals in exchange for monetary compensation. Jai would collect the documents from people in his locality and transmit them via WhatsApp to Yash in Manendragarh. Subsequently, Yash would employ the stolen information to create fraudulent accounts on his crypto app, thus deceiving innocent victims.

Arrested men were identified as Jai Popat, aged 23 and residing in Naharpara, Raipur, and Yash Popat, residing in Civil Line, Manendragarh

Upon investigating Yash’s mobile phone, authorities discovered his involvement in various Telegram groups and identified numerous cryptocurrency applications. Furthermore, the accused had managed to sign the passbooks and blank chequebooks of account holders from Bhopal, subsequently acquiring Rs 50,000 through this illicit scheme.

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In light of this incident, the State Cyber Cell issued a series of advisory guidelines to safeguard individuals who engage in cryptocurrency transactions:

• Exercise caution and make informed investment decisions while dealing with cryptocurrencies.
• Only transact cryptocurrencies using trusted apps.
• Familiarize yourself with the Reserve Bank of India’s cryptocurrency regulations and ensure a secure wallet infrastructure before investing or trading in cryptocurrencies.
• Thoroughly read and understand the instructions provided within the crypto app while conducting transactions.
• Refrain from sharing your Aadhaar card, PAN card, photographs, or one-time passwords with anyone.
• Avoid installing remote access apps like TeamViewer, AnyDesk, or Quick Support based on someone’s advice.

The arrest of the cousins involved in this fraudulent scheme serves as a reminder for individuals to exercise caution and adhere to cybersecurity best practices when engaging in cryptocurrency transactions. Law enforcement agencies continue their efforts to identify additional individuals who may be connected to this network of fraudsters, as investigations remain ongoing.

Key Highlights:

• The Ujjain cyber cell apprehends two cousins from Raipur and Manendragarh for defrauding a financial advisor in Ujjain of Rs 2 lakh through a cryptocurrency app.
• The accused took advantage of a loophole in the Binance app, manipulating the victim’s transaction and failing to refund the amount.
• Multiple Aadhaar and PAN cards were recovered from the possession of the accused, suggesting a potential involvement of a larger network.
• The financial advisor had placed an order for USDT coins on the Binance app and transferred Rs 2 lakh to the seller’s account. However, the seller informed him that the transaction was blocked and advised him to cancel the order for a refund, which was never received.
• Following the victim’s complaint, the state cyber cell launched an investigation, leading to a five-day search operation across Raipur, Korea, and Manendragarh, resulting in the arrest of the cousins.
• The accused disclosed that they exploited the person-to-person buying and selling feature of the crypto app and realized they could acquire cryptocurrency without being subject to a transaction tax, although the wallet would subsequently be blocked.
• Yash Popat, one of the cousins, had associations with various groups and individuals on Telegram and was found with multiple cryptocurrency applications on his mobile phone.

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