The Central Bureau of Investigation (CBI) in India has arrested an Ahmedabad-based man for allegedly duping a US citizen of $0.93 million in a crypto scam. According to a report, the arrest was made on Saturday, 21st of October, as part of the CBI’s crackdown on the rising number of crypto frauds in the country.
Ramavat Shaishav, known as James Carlson, assumed the identity of a fraudulent department official from a multinational corporation and made contact with the victim via phone. He informed the victim about an attempted computer purchase using their account. Additionally, he revealed that their social security number had been used to establish accounts in four different states.
He successfully persuaded the victim to withdraw cash from their bank accounts and transfer it into a Bitcoin wallet using a shared QR code. The perpetrator justified this action as crucial for protecting the victim’s identity and preventing further fraud.
How CBI Tracked Down the Crypto Fraudster
The CBI conducted searches at Shaishav’s premises in Ahmedabad. They seized cryptocurrencies worth $0.93 million from his wallets, which included Bitcoin, Ethereum, Ripple, USDT, and others.
The CBI seized mobile phones, laptops, and bank accounts containing various information related to the crypto fraud. Additionally, they have registered a case against Shaishav under various sections of the Indian Penal Code (IPC) and Information Technology (IT) Act.
The matter is under further investigation by the CBI as they search for potential accomplices or victims related to Shaishav. To prevent falling victim to increasing crypto scams in India, the CBI has cautioned the public to remain vigilant.
In addition, The CBI’s recent action coincides with the Indian government’s ongoing consideration of cryptocurrency regulations. In response, a committee comprising of multiple government departments has been established. Although, their primary task is to conduct a thorough examination of the issue at hand and propose a comprehensive bill that will ensure clarity regarding the legal status and usage of cryptocurrencies in India.
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