An Indian marketing manager based in Dubai, accused of duping a US national in a major cyber fraud case, has had his bail plea dismissed for the second time in 80 days by a special CBI court.
Repeated Bail Denials
Special CBI Judge Gaurav Rao, presiding at Rouse Avenue Courts, rejected the bail application of Lakshya Vij on November 18. Vij, arrested on July 22 by the Enforcement Directorate (ED), is alleged to have been involved in a 2023 cyber fraud scheme that defrauded Lisa Roth, a US national, of $400,000.
The Central Bureau of Investigation (CBI) registered a First Information Report (FIR) against five individuals in connection with the scam. Acting on this FIR, the ED initiated its own probe under the Prevention of Money Laundering Act (PMLA) on December 4, 2023.
International Collaboration
The Federal Bureau of Investigation (FBI) in the United States played a pivotal role in alerting Indian authorities to the cyber fraud. “The ED laid a trap for Lakshya Vij and made him walk into it. He was arrested, and a charge sheet was filed,” said an ED official.
Complex Money Trail
According to the ED’s findings, the fraud involved sophisticated cryptocurrency transactions. Investigations revealed that 9.99 Bitcoins were transferred from Lisa Roth’s wallet to that of Sarita Gupta. Subsequently, these Bitcoins were converted into USD Tether (USDT) by Prafful Gupta, who allegedly operated Sarita Gupta’s wallet.
The USDTs were then transferred to wallets owned by Prafful Gupta and his associate, Anuj Dixit. The digital assets were sold on the Binance P2P platform, with proceeds deposited into the bank accounts of shell entities. The funds were ultimately routed to individuals placing bets on various platforms, who had requested withdrawals.
Legal Challenges Ahead
The case highlights the increasing use of cryptocurrencies in international cybercrime, posing challenges for enforcement agencies. With Vij’s bail plea rejected, he remains in custody as investigations continue to unravel the full extent of the conspiracy.
The court’s decision underscores the gravity of the allegations, as authorities seek to deliver justice in a case that underscores the vulnerabilities of digital finance and international collaboration in combating cyber fraud.
