MP News: ₹100 Crore Siphoned Off To China In Crypto Currency, Says Panna Police

Bhopal (Madhya Pradesh): Panna police have found that around Rs 100 crore taken in the name of investment and paid promotion was converted into crypto currency and transferred to China, officials said on Friday.

Recently, Panna police arrested a cyber fraudster Mohammad Bashar from Kolkata.who had allegedly provided mule bank accounts to Chinese handlers.

During the investigation, police uncovered an international network involved in online fraud by sending APK files related to crypto trading and luring people with promises of high returns on low investments. The gang was operating from China, police said.

Additional Superintendent of Police Vandana Singh Chauhan told Free Press that the gang lured people through offers of ‘paid promotion’ and high return investment schemes. “The complainant, a resident of Panna district, was initially lured with paid promotion and given some returns. He was also made to invest money and in return was given high returns. However, on the day he invested Rs 5 lakh, his social media account was blocked,” she said.

Police found transactions amounting to over Rs 100 crore in 40 bank accounts, the details of which were recovered from the accused. More than 400 complaints related to the gang have been registered in different states across the country.

Modus Operandi and commission

The ASP said the accused received commissions ranging from 1% to 5% on total transactions. Mule account holders were allegedly paid between Rs 50,000 and Rs 1.5 lakh. They were asked to open current accounts in their names, after which their mobile numbers and online banking details were taken over by the fraudsters to operate the accounts.

As soon as the money was deposited, it was withdrawn, converted into crypto currency and transferred to China. SP Cyber, Bhopal, Pranay Nagwanshi said the details were being examined. “As the main handler is based in China, we will coordinate with national agencies, which will further coordinate with international agencies, to nab those involved,” he said.