Crypto Scam Unveiled: Arrests, Frauds, and Family Drama!

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Story Highlights

  • Crypto scheme? Five arrested in India—no Bitcoin Billionaire dreams here! 😱
  • Businessman invests ₹6 crore, ends up with a lesson in “how not to invest.”
  • Police advice: Before investing, look before you leap—or risk landing in an empty wallet. 🤦‍♂️

Indian police have nabbed five dazzlingly audacious individuals for running a fake cryptocurrency trading scheme—think of it as Robin Hood, but instead of giving to the poor, they swiped from one unsuspecting rich chap. This enterprising crew left one hapless businessman poorer by ₹6 crore, and richer only in regret.

The Family That Scams Together, Gets Arrested Together!

The Odisha Police crime branch, in an investigative move worthy of Sherlock Holmes (minus the pipe), cracked down on this merry band of fraudsters. Leading this misadventure was Sejal Ravikumar Sabhaya, alongside his parents—because why not turn felony into family bonding? Also starring were Paras Dhirubhai Jesani and Dharmesh Nanubhai Savaliya, who added flair to the operation by launching a fake cryptocurrency exchange. It appears their motto was less “Let’s make money” and more “Let’s take money.” 🙄

Enter stage left: a woman with the charm of a Hollywood scam artist. She approached the victim on social media in May 2024, posing as a Hong Kong-based software developer who could turn his rupees into riches faster than you can say “blockchain.” She even set up a group chat teeming with actors playing wealthy-and-wise investors—because what’s a con without props? 🎭 Armed with investment instructions that had more holes than Swiss cheese, the scammers persuaded the businessman to part with ₹6 crore. They made promises; he made payments. What could possibly go wrong? (Spoiler alert: everything.)

Scammers Ghost Businessman, Delete Chat History Like Amateur Spies

When the businessman finally asked about withdrawing his shiny crypto profits, the scammers doubled down on absurdity, demanding another ₹89 lakh for a refund—because, obviously, refunds come at premium prices. 🙄 Upon refusal, the fraudsters disappeared faster than your socks in the laundry. They deleted phone contacts, erased chat groups, and left the businessman staring at an empty wallet—and possibly a bottle of headache pills. Realizing he’d been had, he dashed off to file a police complaint faster than you can Google “crypto scam.” 🚔

Crime Branch DSP Ratnaprava Satpathy led the investigation with aplomb, uncovering a trail of fraudulent transactions that led straight to Surat, Gujarat. There, five alleged masterminds were taken into custody. Surat—where dreams of fake fortunes go to die. The arrests capped a drama-filled operation reminiscent of Agatha Christie, if she dabbled in financial fraud. 🤷‍♀️

Meanwhile, cryptocurrency scams are becoming India’s answer to bad reality TV—lots of drama, zero winners. Earlier this year, the Enforcement Directorate confiscated $190 million during the infamous BitConnect scam investigation, proving yet again that glittering promises of quick riches are the modern-day siren song. 🚨 Gujarat police even seized a luxury SUV, because apparently, cryptocurrency fraud comes with perks like flashy rides.

Police continue to urge caution amidst these rising scams. Their advice? Stick to certified platforms, avoid promises that sound more magical than rational, and remember—if it looks too good to be true, it’s probably an elaborate con designed to lighten your bank balance and darken your mood. If scammers looked half as sharp as their victims were advised to be, they wouldn’t keep landing themselves in jail. 😉

In the end, it’s a tale as old as time: dream big, fall hard, and regret often. Stay sharp out there, folks! The internet may be the wild west, but there’s no cowboy who can save your wallet from cryptocurrency bushwhackers.

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2025-03-27 22:05