Economic Fraud
Rs 15 Crore Fraud Case Filed Against Director of Bit Fountain Trade
Lucknow: A fraud case of Rs 15 crore has been registered against Sameer Kesari, the director of Bit Fountain Trade Private Limited (CTS Cola), for allegedly deceiving investors with false promises of cryptocurrency profits. The FIR was lodged at the Cyber Crime Police Station by Manish Srivastava, an agent of the company, who accused Kesari of fleeing to Dubai after defrauding investors. The police have launched an investigation into the matter.
Investors Lured with Crypto Profits
Manish, a resident of BBD Green area, claimed that he worked as an agent for CTS Cola, which operated from Greenwood Villa, Sushant Golf City. According to him, Sameer Kesari and his associates MK Rai, Govind Kumar, Charit Munda, and Ram Bhajan Munda enticed investors by promising to double their money in 1.5 years through cryptocurrency investments.
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Additionally, funds were allegedly collected under various schemes, including an educational portal, tour and travel services, land investments, and club memberships. To gain trust, the company organized seminars in luxury hotels, offered expensive gifts, and sponsored tour packages for investors.
Investors Duped, Promoters Flee to Dubai
Manish alleged that investors were assured payouts upon the launch of a blockchain product, initially scheduled for March 2023. However, the launch was repeatedly postponed, and by May 2023, the company relocated its corporate office to Dubai. Soon after, the directors and promoters disappeared, leaving investors stranded.
Past Criminal History of Sameer Kesari
Kesari had previously been arrested by the Special Task Force (STF) in October 2024 and sent to jail. He faces multiple cases in Prayagraj and Lucknow. Before CTS Cola, Kesari operated Angela Agrotech Private Limited, defrauding investors of Rs 150 crore through a cryptocurrency scam involving Ruby Coin.
It has also been alleged that CTS Cola’s directors created a blockchain website resembling a government portal to mislead investors. The police investigation is ongoing, and authorities are working to track down the accused.
