Lucknow: An interstate gang allegedly cheated two people of a total ₹93 lakh by promising to arrange USDT, a cryptocurrency linked to the US dollar.
The accused allegedly prepared forged letters in the names of the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to make the transactions appear genuine. Police have arrested three people, including a woman, from a hotel in Lucknow.
The accused have been identified as Farida Sikander Saudagar, 51, from Thane, Maharashtra; Pawan Bisht, 54, from Delhi; and Avadhesh Kumar Mishra, 68, from Lucknow.Two separate FIRs were registered at Vibhutikhand police station in connection with the alleged fraud. Complainants Akhilesh Tripathi and Anjani Kumar alleged that they were cheated of ₹43 lakh and ₹50 lakh respectively on the pretext of arranging USDT. During the investigation into the two cases, police traced the accused to an interstate network allegedly involved in cryptocurrency-related fraud.
According to police, the gang targeted people interested in digital currency transactions. The accused allegedly offered to arrange USDT on attractive terms and promised a commission of 2 to 3 per cent on the transactions. To make the deals appear legitimate, they allegedly showed forged authority letters purportedly issued by the RBI and SEBI.
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Investigators traced the suspects to a hotel in Lucknow. A police team raided a room at Hotel Dayal Gateway at around 6:15 am on Friday and arrested all three accused. They are being questioned about the alleged fraud, cryptocurrency transactions and the network through which the victims were approached.
Police recovered an Apple laptop and three Android mobile phones from the accused. Investigators also seized 12 purportedly forged authority letters, including six allegedly issued in the name of the RBI and six purportedly issued by SEBI. The documents are now being examined to determine how they were created and used in the alleged fraud.
The search also led to the recovery of three cheque books, two passbooks, two Indian passports, PAN and Aadhaar cards and three ATM or debit cards. Police also recovered a stamp bearing the name “FOR MPS INFORMATICS PRIVATE LIMITED”. Investigators are examining whether the company had any connection with the accused or whether its name was allegedly misused to lend credibility to the fraudulent transactions.
Police are conducting a technical examination of the electronic devices and documents recovered from the suspects. Investigators are examining conversations, contacts, financial transactions and other digital evidence stored on the phones and laptop. The objective is to determine whether the accused had contacted other potential victims and whether similar frauds had been carried out previously.
Another key aspect of the investigation is identifying the people allegedly involved in preparing the forged RBI and SEBI documents. Police are also examining whether the letters were created solely to convince victims of the authenticity of the cryptocurrency deals or whether they were part of a larger financial network designed to make fraudulent transactions appear legitimate.
Cybercrime experts have warned that forged documents carrying the names of government and financial regulatory institutions can be used as a powerful tool in social engineering-based fraud. Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that people involved in digital currency transactions should independently verify the authenticity of documents and claims through the official channels of the concerned regulatory authority. The presence of an official-looking letter, seal or institutional name does not by itself establish that a cryptocurrency proposal is genuine.
Police are now examining the bank accounts, electronic devices and contacts of the arrested suspects. Investigators suspect that the ₹93 lakh fraud may represent only part of the gang’s activities. Efforts are underway to identify additional victims, trace the flow of money and establish whether more people were involved in the alleged interstate operation.
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