New Delhi: The Central Bureau of Investigation (CBI) has exposed a cryptocurrency scam in which three individuals allegedly defrauded senior citizens in the US and Canada, amassing Bitcoins worth ₹260 crore. According to the agency, the accused used fraudulent methods to carry out their scheme, leading to their arrest and the subsequent filing of a charge sheet.
The arrested individuals—Tushar Kharbanda, Gaurav Malik, and Ankit Jain—primarily impersonated representatives of foreign law enforcement agencies, Amazon support, Microsoft tech support, and other services. The CBI stated that these impersonations were part of a strategy to deceive elderly victims. Over 316 Bitcoins were reportedly funneled into their cryptocurrency wallets before being converted and withdrawn by associates of the gang based in Dubai.
Kharbanda is alleged to be the mastermind behind the operation, running a syndicate through fake call centers in Delhi and Noida. These call centers, managed by Kharbanda and Malik, employed over 150 tele-callers. “The centers, managed by Kharbanda and Malik, employed over 150 tele-callers,” the CBI said in its statement.
The agency detailed an instance where Kharbanda posed as an officer of the Royal Canadian Mounted Police (RCMP). In this case, he convinced a victim that their identity was being used for fraudulent activities. Under pressure, the victim was coerced into transferring more than 93,000 Canadian Dollars into cryptocurrency using Bitcoin ATMs in Canada. The Bitcoins were directly linked to wallets controlled by Kharbanda and his associates.
Ankit Jain, another key figure in the operation, was responsible for managing the crypto wallets and assisting Kharbanda in converting the acquired Bitcoins into usable funds.
The CBI launched the investigation based on information shared by the Royal Canadian Mounted Police through the National Central Bureau, which coordinates a country’s Interpol activities. During the probe, the agency conducted searches at the residential and workplace premises of the accused.
The raids uncovered digital devices containing evidence that outlined various fraud schemes. These included scripts for impersonating officers from the US Social Security Administration and engaging in fraudulent activities with fraud prevention departments. The seized devices also held credentials belonging to US victims, offering further insight into the methods and scale of the operation.
“The devices also contained credentials of US victims, providing further evidence on the modus operandi and extent of operation by the accused,” the CBI stated.
The investigation revealed the elaborate nature of the scam, which exploited technological loopholes and the vulnerabilities of senior citizens. Acting on the evidence, the CBI registered a case against the accused under several sections of the Indian Penal Code and the Information Technology Act.
This case underscores the growing challenges posed by cybercrime and the increasing sophistication of fraudulent operations. Senior citizens in the US and Canada were the primary targets of this elaborate scheme, highlighting the need for greater awareness and preventive measures to protect vulnerable populations from such scams.
By filing the charge sheet and securing the arrests of Kharbanda, Malik, and Jain, the CBI has taken significant steps to dismantle the operation. However, the international dimension of the scam, including the involvement of Dubai-based associates, points to the global reach of cybercriminal networks.
The CBI’s statement emphasized the importance of international cooperation in tackling such crimes, as demonstrated by the role of the RCMP and Interpol in initiating the investigation. The agency’s thorough approach, including raids and the analysis of digital evidence, reflects its commitment to addressing cybercrime comprehensively.
This case serves as a reminder of the vulnerabilities in the digital age and the importance of cross-border efforts in combating online fraud.