Hyderabad Consultant Arrested in Surat for Rs 16 Lakh Crypto Fraud
Surat cybercrime police have apprehended a 46-year-old Hyderabad-based man in connection with a significant cryptocurrency investment fraud amounting to Rs 16 lakh, according to official statements. The accused, identified as Jeevan Raut, holds impressive academic credentials including a science degree, LLB, and MBA, and was employed as a project finance consultant at the time of his arrest.
Details of the Fraudulent Scheme
Police investigations reveal that Raut permitted his firm's current bank account to be utilized for routing cyber fraud proceeds. Forensic analysis uncovered transactions totaling a staggering Rs 4.75 crore flowing through this account. The case originated when a Surat resident filed a formal complaint on March 20 after his elderly father fell victim to the elaborate scam.
The fraudsters employed sophisticated tactics, enticing the victim with promises of exceptionally high returns through USDT (cryptocurrency) trading. They manipulated the victim into downloading a mobile application named BSGC and creating an account where fabricated profits were displayed to encourage additional investments.
Investigation and Money Trail
Utilizing advanced technical analysis, a specialized cybercrime team meticulously traced the financial trail to Hyderabad, leading to Raut's arrest. During intensive interrogation, Raut confessed to lending his ICICI Bank account to a co-accused individual identified as Venkat Raman, a retired government official. The defrauded amount from the Surat victim was systematically channeled through this compromised banking channel.
Police Inspector RR Desai provided crucial insights, revealing that five separate cyber fraud complaints linked to this identical bank account have been officially registered across multiple Indian states including Tamil Nadu, Haryana, Karnataka, and Maharashtra. These additional cases collectively involve fraudulent transactions worth approximately Rs 2.75 crore.
Background of the Accused
Further investigation uncovered that Raut, originally hailing from Odisha, had initially opened the bank account for his partnership firm during his earlier involvement in the construction business. Following his career transition to consultancy work, the account remained predominantly inactive until he deliberately permitted its exploitation for illicit financial transactions.
The case highlights the growing sophistication of cryptocurrency-related financial crimes in India and underscores the critical importance of financial vigilance in the digital age. Authorities continue their investigation to identify and apprehend additional individuals involved in this extensive fraud network.
