As a seasoned crypto investor with over a decade of experience in this dynamic digital market, I must admit that the arrest of Shubhang Jain by Bengaluru’s CID is a stark reminder of the risks and challenges inherent in this space.
In the city of Bengaluru, India, the Cyber Crime division within the Criminal Investigation Department (CID) apprehended Shubhang Jain, a 26-year-old software engineer, on charges that he illegally obtained cryptocurrency valued at approximately $6.67 million from his previous workplace, Cipher Technologies Private Limited.
As a researcher, I’ve uncovered intriguing details about an individual named Jain who worked for Cipher Technologies in Haryana, India from May 2021 until April 2022, serving as a software developer. During his tenure, he held access to all the company’s cryptocurrency wallets. The authorities allege that, exploiting this access, Jain illicitly drained the cryptocurrencies and shifted them into his own personal wallets, as reported by The Indian Express.
On April 28, 2022, the CEO of the company, Akhil Gupta, discovered some funds were missing and reported it to the police in Subramanyanagar. Later on, this matter was handed over to the CID’s Cyber Crime Unit.
It was discovered that an individual with knowledge in cryptocurrency transactions, identified as Jain, transferred the ill-gotten funds into wallets linked to his family members’ accounts. Later, he withdrew the money. Living extravagantly, he stayed at high-end hotels and kept a discreet profile, which complicated efforts to trace him.
On July 29 of this year, a significant development occurred as the police scrutinized Jain’s call records, uncovering numerous interactions with real estate agents. Following over a month of observation, they were able to apprehend Jain in Mumbai once he activated his mobile phone.
Jain, a graduate from an engineering college located in Vellore, managed to connect with Cipher Technologies via a Telegram group and successfully navigated the interview process to land the position.
Making this arrest is a major stride towards retrieving the misappropriated funds, emphasizing the importance of caution when managing digital resources.
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2024-09-11 11:34