These individuals, who hail from Cambodia, had been residing in the city of Rourkela in Odisha since 2023. It has been revealed that they developed a mobile application called India SEBI to lure cryptocurrency investments from both Indian and international investors. Promising lucrative returns within a short span of time, these fraudsters managed to attract significant sums of money.
In a major breakthrough, six members of the group have been taken into custody by the authorities. Ujjawal Utkarsh, believed to be the mastermind behind the operation, along with his accomplices Nabin Rao, Sanjib Jain, Pankaj Rao, and Md Nassiruddin, have been apprehended. As part of the investigation, the bank accounts linked to the accused have been frozen and their SIM cards seized.
In light of this development, the Odisha Police are urging all victims of this scam to come forward and register their complaints against the creators of India SEBI. A thorough investigation is currently underway.
It is worth noting that this is not the first instance of cryptocurrency fraud in India. Previously, law enforcement arrested several individuals associated with Singaporean company Variable Tech Pte, with one of them being accused of involvement in a bitcoin scam.