Agra Police Crack Down on Rs 50-Crore Cryptocurrency Scam

The Agra Police arrested Ajay, the alleged mastermind behind a Rs 50-crore cryptocurrency scam affecting over 1,500 victims across Uttar Pradesh, Uttarakhand, and Delhi. Ajay's fake cryptocurrency platform tricked investors with promises of high returns. Six associates remain at large, with teams pursuing their capture.

The Agra Police on Friday apprehended Ajay, the suspected mastermind behind a sprawling Rs 50-crore cryptocurrency scam that deceived over 1,500 individuals across Uttar Pradesh, Uttarakhand, and Delhi, according to officials.

Additional Deputy Commissioner of Police (Cyber Crime) Aditya revealed that Ajay operated an intricate network that attracted investors with the promise of exceedingly high returns via a fraudulent cryptocurrency platform. Following Ajay's arrest, scores of victims flooded the police station to lodge complaints.

The modus operandi involved establishing a website that mimicked legitimate crypto trading sites. To instill confidence, Ajay's group held seminars in luxurious hotels, showcasing exaggerated returns. Select participants received enhanced payouts to validate the scheme, leading many to invest substantial sums. The deceptive website displayed fabricated data indicating rapidly multiplying balances, keeping investors complacent while the gang amassed more deposits. While Ajay's arrest marked a breakthrough, six of his associates remain elusive as authorities intensify their efforts to locate them.

(With inputs from agencies.)