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Accident – Death – Obituary News : : 1. Pune to Bangkok crypto transfer
2. Online share trading fraud money trail
Amidst a concerning rise in online share trading scams, Pimpri Chinchwad police uncovered a complex money trail leading to an international gang of cyber criminals in Bangkok. The investigation identified six fraudulent bank accounts used in 177 cybercrime cases nationwide, totaling over Rs 100 crore. The suspects, including Vikas Chavan and Pradeep Lad, operated accounts that saw transactions of Rs 50 crore. The criminals purchased bullion gold in Gujarat with the stolen money, then converted it to cash and invested in Tether cryptocurrency. The cyber fraudsters targeted victims with promises of high returns on stock trading, posing as reputable brokerage firms. The authorities are intensifying efforts to crack down on this epidemic of online trading scams.
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Amidst a worrying surge in cases of online share trading scams, a probe by Pimpri Chinchwad police has revealed an intricate money trail starting from the victims’ accounts, taking the bullion gold route to Gujarat and culminating in cryptocurrency wallets of an international gang of cyber criminals operating from Bangkok.
**Investigation Unveils Intricate Money Trail**
The Cyber Crime cell of Pimpri Chinchwad police recently made a significant breakthrough in uncovering a sophisticated network of cyber criminals involved in online share trading scams. The investigation, which began with the arrest of two individuals—Vikas Chavan, a furniture trader, and Pradeep Lad, a real estate agent—led to the discovery of six fraudulent bank accounts that have been used in a staggering 177 cyber crime cases nationwide, with transactions exceeding Rs 100 crore.
**Ripple Effect of Cyber Fraud**
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Since the start of the year, both Pune and Pimpri Chinchwad police have recorded a sharp rise in cases of online share trading frauds, where cyber criminals entice victims with promises of expert training and high returns on stock trading. These fraudsters often exploit the names of reputable international brokerage firms and private sector banks to gain the trust of unsuspecting individuals.
**Unravelling the Money Laundering Scheme**
Following the initial arrests, the investigation led authorities to Gujarat, where a suspect named Amit Soni was identified as the mastermind behind a network of fraudulent bank accounts. Soni was found to be purchasing bullion gold from traders in Gujarat using funds from these accounts, which were then converted into cash and transferred to another key suspect, Ahmed Nazir Ghazi. Ghazi, in turn, used the cash to acquire Tether cryptocurrency (USDT) for deposit into the cryptocurrency wallets operated by an international gang of cyber criminals based in Bangkok.
**Law Enforcement Cracks Down**
Deputy Commissioner of Police (Crime) Sandeep Doiphode emphasized the scale of the operation, describing it as an ‘epidemic’ of online trading scams that have plagued the region since the beginning of the year. With 110 individuals losing a total of Rs 18 crores in January and February alone, the authorities are intensifying their efforts to track down the culprits and dismantle the criminal network responsible for orchestrating these fraudulent schemes.
**SEBI’s Advisory**
The Securities and Exchange Board of India (SEBI) issued an advisory on February 26, warning the public about the tactics employed by fraudsters in the online trading space. These tactics include posing as SEBI-registered entities and leveraging social media platforms to promote deceptive trading schemes, highlighting the need for increased vigilance and awareness among investors.
In conclusion, the ongoing investigation by the Pimpri Chinchwad police sheds light on the complex web of cyber crime activities that have targeted unsuspecting victims in the realm of online share trading. As law enforcement agencies continue to unravel the intricate money trail leading to an international network of cyber criminals, it serves as a stark reminder of the importance of exercising caution and due diligence in the digital landscape.
