An illegal Indian crypto operation that scammed a foreign resident was busted by the authorities who arrested the perpetrators along with proof and tangible assets like jewelry. The operation involved Prafful Gupta and multiple associates targeting a foreign woman, claiming her bank account was insecure and convincing her to transfer funds worth $400,000.
The arrests came after the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against Prafful and the others involved. The Indian Enforcement Directorate (ED) led the search and arrest on June 6 in multiple Indian cities, including its capital, New Delhi, and others like Haryana and Kanpur.
The operation targeted the woman, using unauthorized remote access to her device to create a cryptocurrency account using her personal identification. The $400,000 was transferred to that account, converted to crypto, and transacted to various accomplices. The ED summed it up, stating, “The caller gained unauthorized remote access to her computer and created a cryptocurrency account in the name of the victim using her mobile number and email ID.”
Prafful and his team of illicit actors layered the crypto through numerous accounts and finally sold them for cash via entities created using falsified KYC (Know Your Customer) details. An Indian fintech firm also helped them launder a portion of these funds through similar means.
Upon arresting Prafful, investigators found assets that amounted to much more than this crime. They seized fixed deposit (FD) accounts that held funds amounting to about $880,000. Prafful had even stacked up jewelry worth $42,000, also seized. Alongside the assets, the authorities found digital evidence connecting him to this crime and possibly others, which can shine a light on the unexplained amounts of assets he and his accomplices held.
Those accused alongside Prafful include Sarita Gupta – Praful’s mother, Kunal Almadi, Rishabh Dixit, Gaurav Pahwa, and various unnamed individuals.
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