Cyber Police Bust Fake Crypto Trading Ring That Swindled NRI of 27 Lakh Rupees
Five Men Arrested After NRI Loses Big in Online Trading Scam
A recent arrest in Coimbatore has once again shown how easy it is for fraudsters to trick people with promises of quick money in
How the Scam Started
The victim, an NRI from Vadavalli in Coimbatore, was contacted through social media. The fraudsters promised high returns if he put money into online trading and cryptocurrency. Once he sent the funds, the money disappeared. The total loss came to exactly <₹27,45,800>. Cybercrime police in Coimbatore started looking for the people behind the fraud and soon made the arrests.
Who Were the Accused
The five men arrested are:
- Vasanth, 20, from Arivoli Nagar
- Ajal, 22, from Kovaipudur
- Janagan, 23, from Konganagiri in Tiruppur district
- Bharath, 26, from Palladam
- Udayakumar, 38, from Mayiladuthurai
They are now lodged in Coimbatore Central Prison after being remanded.
How They Carried Out the Fraud
Police found that Bharath had misused identity papers of many people to get more than 250 SIM cards. These SIM cards were used to contact victims and run the scam. Udayakumar opened several bank accounts with help from others and shared the login details with people living abroad. This helped move the stolen money quickly. Investigators also learned that more than 15 similar complaints were already pending against the same group in at least nine different states.
Why Crypto Scams Are Growing
Crypto scams often work because they promise fast and high profits. Fraudsters use social media, fake apps, and phone calls to reach victims. Once money is sent, it is hard to trace because of the way digital wallets and multiple bank accounts are used. In this case, the gang mixed online trading lies with cryptocurrency promises to sound more believable.
How to Stay Safe From Such Frauds
Anyone thinking of investing in crypto should follow simple rules:
- Never send money to strangers who contact you first on social media.
- Check if the trading platform is registered with proper financial authorities.
- Do not share bank details or OTPs with anyone.
- Start with very small amounts if you are new to crypto.
- Report any suspicious calls or messages to cybercrime police right away.
What Happens Next
The Coimbatore cybercrime team is still investigating the case. They are trying to find out how much more money the gang may have taken from other victims across India. This arrest is a reminder that police are watching these crimes closely and will act when complaints are filed.
People who have lost money in similar schemes should file a complaint with their local cybercrime cell without delay. Quick action can sometimes help stop the money from being moved further.
