Gurugram. Two people have been arrested in connection with an alleged cyber fraud in which a Gurugram man was cheated of ₹4.72 crore on the pretext of earning huge profits through Bitcoin trading. The accused allegedly provided bank accounts to receive the fraud proceeds. The cybercrime unit arrested them from Kunwari village in Hisar on Wednesday night. The arrested accused have been identified as Gagandeep alias Kalu and Gurvinder, both residents of Kunwari village.
The Gurugram resident had filed a complaint at the cybercrime police station on January 15. According to the complaint, the fraudsters contacted him through Telegram and WhatsApp. They allegedly introduced themselves as officials of a trading company and promised him substantial profits if he invested in Bitcoin trading.
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The alleged fraudsters subsequently registered the victim on an online trading website. Initially, the website showed profits in his trading account, creating the impression that his investment was generating genuine returns. The accused then allegedly encouraged him to invest more money by promising higher profits and directed him to deposit funds into different bank accounts.
The victim subsequently transferred a total of ₹4.72 crore to the bank accounts provided by the accused. When he later attempted to withdraw the amount shown in his trading account, the alleged fraudsters stopped the withdrawal through an online customer service system. He was then told that he would have to deposit another ₹1.25 crore to restore the trading account and withdraw his money.
The demand for an additional ₹1.25 crore raised suspicion, and the victim realised that he had allegedly fallen victim to a cyber fraud. He then approached the police and filed a complaint. Investigators began examining the bank accounts and transaction trail linked to the case.
During the investigation, the cybercrime unit traced the suspects to Kunwari village using technical evidence and banking records. Police found that ₹2 lakh from the alleged fraud proceeds had been credited to the bank account of a firm. According to investigators, the account had been opened by Gagandeep and was subsequently provided to Gurvinder on commission.
The investigation further revealed that Gurvinder allegedly arranged for the bank account to be provided to the fraudsters through another person. Police are now questioning both accused about transactions conducted through the bank accounts, the total amount involved in the alleged fraud and other people linked to the network.
A key part of the investigation is to determine the route taken by the alleged ₹4.72 crore fraud proceeds through different bank accounts and identify everyone involved in the network. Police are examining banking records, mobile numbers and other technical evidence to establish the links between the accused and the alleged fraudsters.
Investment frauds of this nature often involve fake trading platforms that initially display profits to gain the victim’s confidence. Once trust is established, victims are encouraged to increase their investments. When they attempt to withdraw their money, fraudsters may demand additional payments in the name of taxes, fees, account activation or withdrawal processing. In this case too, the alleged fraudsters demanded another ₹1.25 crore before allowing the victim to withdraw the funds. The full network and the allegations against those involved will become clear as the investigation progresses.
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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