Ex-IPS Officer Charged for Multi-Million Cryptocurrency Fraud

DOJ Convicts ‘My Big Coin’ Founder of Crypto Fraud Over $6M
  • The fraudulent digital wallets held roughly 34 cryptocurrencies.
  • The funds are worth 6 crores rupees ($7,72,471).

An official said on Tuesday that the Pune police has filed a charge sheet in a court against an ex-IPS officer and a cyber specialist in connection with an alleged multi-crore cryptocurrency fraud.

In March Maharashtra  police nabbed Ravindra Patil, a former Indian Police Service (IPS) officer, and Pankaj Ghode, a cyber expert. Both men cheated the investigators while assisting them in the investigation of another crypto fraud case.

Tactic Plan by Crypto Fraudsters

According to the police statement, the case filed against cheating the investigators by fraudulently transferring funds worth 6 crores rupees ($7,72,471) from digital wallets to their accounts.

Inspector Ankush Chintaman of the Shivajinagar cyber police station said, “We filed an over 4,400-page charge sheet against Patil and Ghode in a court here on Monday.”

The Pune cyber police hired a multinational finance audit and fraud analysis organization in order to look into two crypto fraud cases in the city. Patil and Ghode were also recruited for the same purpose, following which they attempted to mislead the investigators.

According to the charge sheet, there are around 25 witness statements and the two allegedly transferred cryptocurrency collected from the wallets of individuals held to their own digital wallets.

It further said that Patil’s digital wallets held roughly 34 different types of cryptocurrency worth nearly 6 crore rupees ($7,72,471). The digital assets in Ghode’s wallet have yet to be reclaimed.

The Indian government is planning to implement taxes and regulations on cryptocurrencies but in another hand, the crypto scams are rolling over.

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