In a decisive move against cryptocurrency fraud, Chennai’s cybercrime unit has arrested six individuals accused of defrauding a private company of over Rs 10 lakh under the pretense of converting the funds into USDT, a prominent digital currency.
The arrest, carried out by the cybercrime wing of the south zone, follows a complaint lodged by a local firm. According to the complaint, the suspects had presented a proposal, claiming that the money invested would be converted into USDT and credited to the company’s account in Dubai.
However, after the funds were handed over, the group reportedly failed to follow through on their promises, prompting the company to approach the police. Acting on the complaint, authorities launched an investigation that led to the arrest of the six accused individuals in Theni.
The suspects, identified as V Abhiraja (29), A Loganathan (23), E Kumaresan (28), S Mageshkumar (25), and S Aswanth (23) from Madurai, along with Mohammed Ismayil Parvesh (21) from Karur district, were taken into custody. Police seized an array of items during the arrest, including Rs 10.9 lakh in cash, an SUV, eight mobile phones, three iPads, 33 SIM cards, 20 ATM cards, and four bank passbooks.
All six suspects were subsequently presented before a magistrate and have been placed under judicial remand pending further investigation.
The incident has once again brought attention to the rising incidences of cryptocurrency-related fraud, as law enforcement officials urge companies and individuals alike to exercise caution and verify the authenticity of investment opportunities.
