Rajasthan Police SOG Arrests Man in Major Cryptocurrency Investment Fraud Case
The Special Operations Group (SOG) of Rajasthan Police made a significant arrest on Thursday, apprehending a 34-year-old man for his alleged involvement in a large-scale cryptocurrency-based investment fraud. The elaborate scheme, which investigators say enrolled thousands of victims through social media platforms, promised unusually high returns to unsuspecting investors.
Details of the Arrest and Accused
Additional Director General (SOG) Vishal Bansal identified the arrested individual as Suresh Saini, a resident of Beerani village under the Bhopalgarh Police Station jurisdiction in Jodhpur district. Saini was taken into custody in connection with a case registered at the SOG Police Station in Jaipur, marking another step in the ongoing crackdown on financial fraud in the region.
Police revealed that the fraud was masterminded by a gang led by Banshilal, also known as Prince Saini. This criminal network aggressively promoted investment opportunities through various social media channels and operated a dedicated website where individuals could register investment IDs starting from as low as Rs 250.
Scale and Mechanics of the Fraudulent Operation
Investigators have uncovered that approximately 82,000 people were enrolled through this deceptive platform. To lend an air of legitimacy to their operations, the group established a company named Harvest AI Technology Private Limited and introduced a digital currency called "HVT Coin" specifically designed to attract investors.
The financial scale of the fraud is substantial. Police estimates indicate that the gang collected about Rs 4.92 crore through online transactions utilizing various payment gateways and bank accounts. Furthermore, a promotional event organized in Bhopalgarh, where rewards including vehicles were announced, brought in an additional Rs 15 crore from investors, bringing the total estimated fraud amount to nearly Rs 20 crore.
Suresh Saini's Specific Role and Modus Operandi
During the investigation, SOG discovered that Suresh Saini specifically targeted rural residents with enticing schemes. One such offer promised a Scorpio vehicle for an investment of about Rs 6 lakh. Police calculations show that Saini collected nearly Rs 3.5 crore from approximately 56 individuals and created more than 1,100 investor IDs on the fraudulent platform.
As commission for bringing investors into the scheme, Saini received a Scorpio vehicle, which has now been seized by authorities as part of the investigation. This seizure represents tangible evidence of the rewards distributed within the fraudulent network.
Previous Arrests and Legal Proceedings
This arrest follows earlier actions against key members of the criminal gang. Police confirmed that the main accused, Banshilal alias Prince Saini, along with accomplices Mamta Bhati and Dinesh Bagri, were arrested previously. A charge sheet in this case was filed in December 2025, indicating the progression of legal proceedings against the network.
Suresh Saini was produced before a court in Jaipur following his arrest and has been remanded to police custody until March 12. This custody period will allow investigators to conduct thorough questioning and gather additional evidence.
Ongoing Investigation and Future Steps
The investigation remains active as authorities work to trace additional investors who may have been defrauded, identify all bank accounts used in the scheme, and locate digital wallets linked to the cryptocurrency fraud. The SOG's continued efforts highlight the seriousness with which law enforcement is addressing financial crimes involving emerging technologies like cryptocurrency.
This case serves as a stark reminder of the risks associated with investment schemes promising unusually high returns, particularly those promoted through social media platforms. Authorities encourage the public to exercise caution and verify the legitimacy of investment opportunities before committing funds.
