Noida: Gang arrested for duping many of crores with ‘black money’ exchange scheme

The Noida Police has apprehended a gang of four individuals accused of defrauding victims of crores of rupees by enticing them to convert “black money” into white and guaranteeing them lucrative returns on such transactions, police said on Friday.

The arrested men were identified as Akshay (28), Shivsagar (32), Rohit (30), and Pratik (30). They were apprehended near Transport Nagar exit in Sector 88, Noida, around 1.30pm on Friday, after they allegedly enticed the complainant with an offer wherein they would deposit ₹5 crore into his account, and he was supposed to return ₹4.5 crore cash, after pocketing a profit of ₹50 lakh.

“The gang members cleverly presented themselves as credible individuals by showing an identity card of an administrative officer from Rajasthan, attempting to gain the complainant’s trust and convince him of their legitimacy. The complainant said Akshay repeatedly assured him that the transaction was safe, and that the gang would arrive with cash at a predetermined location to conduct the deal. Voice recordings recovered from the complainant’s phone reveal the gang’s intentions,” said Shakti Mohan Awasthi, deputy commissioner of police, Central Noida.

“In one recording, Akshay lays out the conditions, stating that an initial sum of ₹2.5 crore would be transferred, with the complainant required to present an equivalent amount in cash for the transaction to proceed. In another conversation, Akshay explains that if either party cancelled the agreement, they would be liable to pay a 2% penalty plus ₹40 lakh. A separate recording captures Akshay detailing plans to bring a group of 4-5 associates to the plaintiff’s chosen location, where one member would verify the cash at a nearby site before the transaction,” he said.

The case was registered under Section 318(2) of the Bharatiya Nyaya Sanhita (BNS) and a Skoda car (registration RJ60CA4650) and six mobile phones of different brands were seized, Awasthi said, adding that efforts were underway to ascertain further details of the gang’s network and to uncover if there were more victims.