In a major success for the Uttar Pradesh (India) Cyber Crime Police, two individuals have been arrested in connection with a large-scale cyber fraud operation.
The scammers were involved in a deceptive #cryptocurrency trading platform that defrauded victims out of crores of rupees (INR). Operating under the guise of "Bitbull Coins," a fake website, they managed to lure unsuspecting individuals into investing their money.
The case came to light when a complaint was filed by Durgadutt Maurya from Jahanganj, Azamgarh, (India) on November 3, 2023. Maurya reported a cyber fraud scheme that resulted in losses amounting to approximately Rs 30 lakhs ($40K).
The criminals behind the operation had set up a fake #Investment and crypto #trading platform called "Bitbull Coins." Promptly responding to the complaint, the Cyber Crime Police registered a case and initiated an investigation.
As a result of the investigation, the mastermind behind the scheme, Santosh Kumar, and his associate Suryabhan Gautam have been apprehended. Authorities are actively working to locate and arrest the remaining suspects involved in this fraudulent operation.
The Scheme Operation:
During interrogation, Santosh Kumar revealed the workings of his crypto investment scheme. He confessed to running real estate businesses, namely Purvanchal Desire City Pvt. Ltd. and Purvanchal Agro Pvt. Ltd, in Lucknow (India). These ventures served as a front to gain the trust of unsuspecting individuals.
To further legitimize his scheme, Kumar created the fake website "Bitbull Coins" and convinced people to deposit their funds into various bank accounts, falsely claiming they were for cryptocurrency trading.
The modus operandi involved inviting victims to workshops at hotels, where Kumar and his accomplices presented an investment plan promising a daily return of 2% for an entire year, effectively tripling the investment. To make it appear authentic, they provided victims with user IDs for the fraudulent "Bitbull Coins" website and displayed fake Profit/Loss dashboards.
Kumar's manager, Suryabhan, and team leaders Dhanjay Kumar and Arun Kumar actively participated in the fraud, while technical support was outsourced from engineers based in Delhi.
Losses Amounting To Crores Of Rupees:
After assessing the seized documents, it was revealed that the cyber fraud operation had victimized approximately 200 people, resulting in losses amounting to crores of rupees.
Authorities Respond: Prof. Triveni Singh, Superintendent of Police, Cyber Crime Headquarters, Lucknow, stated, "Our investigation uncovered a web of deceit orchestrated by these scammers behind Bitbull Coins. They combined technology with cunning persuasion to entrap innocent victims. We are working to identify all those cheated by the gang and apprehend everyone involved in operating this scam."
The arrest of these #Cyber criminals represents a significant milestone in the fight against online fraud. It demonstrates the unwavering commitment of the Azamgarh Cyber Crime Police in protecting citizens from such #scam
The investigation is still ongoing, with authorities dedicated to bringing all responsible parties to justice and ensuring restitution for the victims affected by this elaborate cyber fraud operation.