Cyber cops arrest accused in ₹1.10 cr cryptocurrency fraud case

The cybercrime sleuths have arrested the kingpin of a cryptocurrency scam where investors were promised exorbitant returns against investment and were duped to the tune of ₹1.10 crores by the fraudster.

The accused identified as Santosh Thorat had moved his anticipatory bail application before the high court seeking protection from arrest which was rejected leading to his immediate arrest by the city police.

According to the cyber police, Thorat and his relatives had promised 20 per cent annual returns to the investors through a cryptocurrency named Sonitex. A case under Indian Penal Code (IPC) 409 and 420 was lodged against him recently including sections 3 and 4 of the MPID Act 1999.

The accused had approached the court for anticipatory bail which was granted on the condition that he would deposit ₹43.96 lakh as the first tranch and later deposit the remaining sum of ₹65.94 lakh.

However, he failed to pay the money and applied for anticipatory bail before the high court which was rejected. After that, the accused changed phone numbers and place of residence to evade arrest.

The technical investigation conducted by the cyber sleuths led to his arrest in Kharadi on April 23 after which he was produced before the District and Sessions Judge Court which remanded him in police custody till April 29.

The investigating officer told the court that custodial interrogation of the accused was needed to find out more about the involvement of the other accused besides the main culprit in the cryptocurrency scam.

Besides, the investigators informed the court that they wanted to seize incriminating documents and material from his possession as part of an expanded probe.

The cyber police recovered two mobiles from his possession and took him to his office to seize documents and record evidence in the case.