Crypto Fraud: CBI raids locations of two fraudsters in crypto fraud case, one crore cash recovered

Crypto Fraud: Acting on local intelligence inputs, the CBI launched a search operation on Tuesday at the premises of two accused Sahil Pal and Ashish Bhambani.

During the search operation, the investigating agency seized Rs one crore in cash. The Central Bureau of Investigation (CBI) seized around Rs one crore in cash during searches at the premises of alleged fraudsters posing as Canadian government officials. 

Officials gave this information on Wednesday. According to CBI officials, the agency registered the case on May 11 after receiving information about the alleged fraud from Canadian authorities.

Officials said the CBI acted on the basis of local intelligence and a search operation was launched on Tuesday at the premises of the two accused, Sahil Pal and Ashish Bhambani. 

CBI conducted searches at various places at the premises of the accused in the ongoing investigation of a case related to crypto fraud. During the search, cash worth about one crore rupees was recovered from the premises of one of the accused.

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According to the agency, the accused were posing as government officials in Canada and were using this pseudonym to carry out their fraudulent activities. 

Explaining their modus operandi, a CBI spokesperson said that they used to coerce innocent victims to transfer cryptocurrency funds in the name of providing fake technical support consultancy. 

These ill-gotten cryptocurrency assets were subsequently routed through multiple crypto wallets, eventually ending up in the criminals' own crypto accounts.

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