Cyber conmen are now frequently using crypto currency to transfer fraudulently acquired cash to the kingpin of the gangs in foreign countries. Once the cash is transferred to the wallet address of the receiver abroad, it becomes difficult to recover it.
Even the police investigations get blocked once the cash is converted to crypto currency and transferred to wallet addresses.
The wife of a retired IFS officer was digitally arrested by cyber conmen who forced her to transfer cash ₹1.48 crore in different bank accounts. Four persons were arrested by police which revealed that the cash was converted to crypto currency and sent to a foreign country.
Cops at Cyber Police Station busted a gang involved in duping a retired CMO of ₹1.26 crore and arrested agents Shabina Mohammad and her husband and brother. The trio informed police that the cash transferred from retired CMO’s bank account was sent to gang’s kingpin in Dubai and Taiwan through crypto currency.
The cyber police, on Thursday questioned the trio who told about their modus operandi and revealed names of some other members of the gang.
Around a month bank, Naini police busted an online betting and gaming racket and arrested 14 of its members who duped several crores from people. It came to the fore that one Rahul Sao who is still at large, duped people in West Bengal, Uttar Pradesh and Bihar and sent the cash to gang’s kingpins through crypto currency.
Police officials said that cyber conmen are using crypto currency to avoid being traced and block the trail. As crypto currency has no central authority in India, it becomes difficult to recover the cash or identify the receivers.
In-charge at Cyber Police Station Rajiv Tiwari said that many such cases have come to fore in which cyber conmen transferred the cash by converting it into crypto currency. Crypto currencies are being controlled from abroad. Moreover, the exchange wallets used for investment and transfer of crypto currency is also being run by people in foreign countries. In such a situation, it becomes difficult to trace people who are receiving money through crypto currency.
