Crypto Scam Bust in Noida: Police Nab Three Accused in Cryptocurrency Fraud Scheme | Read Now

On August 25, 2024, the Noida Police, in a well-coordinated operation, successfully apprehended three individuals involved in a sophisticated cryptocurrency scam. The arrests were made by the team from Sector-49 Police Station, led by Sub-Inspector Deepak Kumar, who utilized a combination of local intelligence and electronic surveillance to track down the suspects. The arrested individuals, identified as Nishant Chauhan, Gaurav Bhati, and Sagar Bhati, alias Senki, were detained on the service road behind Sector-47. The police recovered a significant sum of Rs 4,50,000 in cash, a Tata Nexon car used in the crimes, and two illegal firearms during the operation.

The Scam Unveiled

The three suspects, along with an accomplice who remains at large, orchestrated a well-planned scheme to defraud young people in the Delhi/NCR region. Their modus operandi involved using the Telegram app to lure victims with promises of low-rate cryptocurrency investments. The accused assured the victims that their returns would be transferred in USDT (a stablecoin pegged to the US dollar), and they would avoid taxes by paying in cash. This fraudulent scheme specifically targeted individuals who were either inexperienced in cryptocurrency or seeking quick returns on their investments.

Once the victims were enticed by the offer, the scammers arranged to meet them in person. During these meetings, the accused would collect the cash from the victims under the pretense of converting it into cryptocurrency. However, instead of completing the transaction, the trio would flee with the money, leaving the victims empty-handed. The stolen money was used to fund their lavish lifestyles, including extravagant parties and clubbing.

The Arrest Operation

The breakthrough in the case came on August 23, 2024, when the scammers targeted a victim in Noida’s Sector-48. The victim, who had saved up money for college fees, was contacted by the accused via Telegram and lured into meeting them. Upon meeting, the suspects picked up the victim in Sagar’s car, a Tata Nexon with registration number UP 16 CE 4343. During the drive, they tricked the victim into handing over the cash, after which they made their escape, leaving the victim stranded.

Realizing the gravity of the situation, the victim reported the incident to the Sector-49 Police Station. Sub-Inspector Deepak Kumar and his team swiftly initiated an investigation. Leveraging both local intelligence networks and electronic surveillance, the police tracked the movements of the suspects. Their efforts culminated in the arrest of Nishant Chauhan, Gaurav Bhati, and Sagar Bhati on August 25, 2024.

Interrogation and Confessions

During the interrogation, Nishant Chauhan revealed crucial details about the group’s operations. A graduate with a BA degree, Nishant had a close friendship with Gaurav and Sagar. Together, they had devised the fraudulent scheme with the help of an additional accomplice, who remains at large. Nishant confessed that they specifically targeted young individuals from outside the Delhi/NCR region, knowing they would be less familiar with the city and more likely to fall for their scam.

The illegal firearms recovered from Nishant and Gaurav were intended for their protection, as they feared retaliation from their victims. The police are continuing their efforts to locate and apprehend the remaining accomplice who managed to escape during the arrest operation.

Seized Items and Evidence

As a result of the operation, the police seized the following items:

• Rs 4,50,000 in cash, believed to be proceeds from their fraudulent activities.
• Two illegal firearms with four live cartridges, highlighting the dangerous nature of the suspects.
• A Tata Nexon car, registration number UP 16 CE 4343, used in the commission of the crimes.

Ongoing Investigations

The successful apprehension of these criminals is a significant victory for the Noida Police and a testament to the effectiveness of coordinated law enforcement efforts. However, the investigation is far from over, as the police continue to search for the fourth suspect involved in the scam. The case also serves as a stark reminder of the risks associated with cryptocurrency investments, particularly for those who may be lured by promises of quick profits without understanding the complexities involved.

Sub-Inspector Deepak Kumar and his team at the Sector-49 Police Station have been commended for their swift action and diligent investigation. Their efforts have not only brought justice to the victim but have also prevented further crimes by dismantling this fraudulent operation.

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