Punjab Police Seizes Rs 18 Crore Worth of Bitcoin in Cyber Fraud Case
Chandigarh, Punjab: In a major crackdown on cryptocurrency fraud, the Punjab Police have seized over Rs 18 crore worth of Bitcoin from the accused involved in an international cybercrime racket.
The investigation began after a complaint was filed by a Ludhiana-based businessman who alleged that he had been defrauded of Rs 2 crore by a group of cybercriminals. The businessman claimed that he had transferred the money to the accused’s cryptocurrency wallet.
The Punjab Police formed a special investigation team (SIT) to probe the case. The SIT traced the cryptocurrency wallet used by the accused and found that it contained over Rs 18 crore worth of Bitcoin.
Police arrested two accused, identified as Pardeep Kumar and Harvinder Singh, both from Punjab. The duo was allegedly part of an organized crime syndicate that used sophisticated hacking techniques to target individuals and businesses worldwide.
During interrogation, the accused confessed to their involvement in the cybercrime racket. They revealed that they had defrauded several individuals and businesses of millions of rupees by using fake cryptocurrency investment schemes and phishing emails.
The Punjab Police have seized the cryptocurrency wallet containing the Bitcoin and have frozen the accused’s bank accounts. Further investigation is underway to identify other members of the cybercrime syndicate and to recover the remaining stolen funds.
This case highlights the growing threat of cryptocurrency fraud and the urgent need for law enforcement agencies to crack down on such crimes. It also underscores the importance of educating individuals and businesses about the risks associated with investing in cryptocurrencies.
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