eow: Kingpin Of ₹235cr Bitcoin Investment Scam Held From Delhi | Mumbai News – Times of India

eow: Kingpin Of ₹235cr Bitcoin Investment Scam Held From Delhi | Mumbai News – Times of India

Mumbai: The Economic Offences Wing ( EOW ) of Mumbai Police probing the Rs 235 crore bitcoin investment cyber scam on Thursday arrested its kingpin from Delhi.
EOW arrested Amitkumar Omprakash Singhal (29) and froze his fictitious bank accounts using which he allegedly siphoned off huge amounts people had invested in his scheme.
The scam came to light after a teacher lodged a complaint at Matunga police station, alleging that on August 12 last year received a text message on his phone asking him to invest in bitcoin mining. He was promised a daily return. The teacher downloaded an app, given in a link in the text message and invested Rs 2,000 initially. He told the police that the next day, Rs 50 as profit was deposited into his account. Later he got poorer by Rs 2.47 lakh.
Inquiries revealed that there were more than 700 people in the country who were duped of Rs 235 crore similarly. The case was transferred to the EOW. Probe showed that fraudsters had sent bulk messages to over 1 crore people, promising lucrative offers in cryptocurrency mining.
Singhal is the second to be arrested in the case. In February, the police arrested a Bengaluru resident, Mohammed Jabir (31), after it transpired that some of the investors’ money was transferred to his account.
During investigation of the bulk messages, it transpired that the syndicate had outsourced work of sending bulk messages to a service provider. Police grilled the service provider from Kandivli who said they were paid Rs 14.16 lakh for the job.
It further transpired that the money of the investors went into the accounts of three companies — Sieralen Tech, Nilim Infotech and Molterus Exim registered in Bengaluru, Ghaziabad and Delhi and Rs 16.15 crore transferred from their bank account into one account of Tuvinta Solutions. The police traced proprietor of Tuvinta Solutions, Aaveg Sharma who said that his friend Amit Singhal had formed the company promising him a commission.
“We have just arrested Singhal and are trying to understand if there are more partners in the crime and where did the Rs 235 crore go,”’ said a police officer.
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