Ahmedabad : The Central Bureau of Investigation (CBI) has cracked down on a major cryptocurrency fraud, apprehending an Indian man named Ramavat Shaishav, accused of duping a US citizen out of cryptocurrency assets valued at over ₹7.7 crore (approximately $930,000). Operating under the alias “James Carlson,” Shaishav allegedly manipulated his victim by falsely claiming that his Amazon account was under threat from cybercriminals.
The elaborate scam involved Shaishav convincing the US citizen to transfer a substantial amount of cryptocurrency to a supposed secure wallet. The victim, believing the ruse, transferred 28 Bitcoins, 55 Ethereum, 25,572 Ripple, and 77 USDT to Shaishav’s e-wallet. However, the assets vanished into thin air, prompting the victim to report the incident to the CBI.
The investigative agency swiftly swung into action, launching a probe that led to the identification of the accused’s IP address. Raids were conducted at Shaishav’s residence in Ahmedabad, resulting in the seizure of cryptocurrency assets worth over $930,000. Additionally, the CBI uncovered a trail of deception, wherein Shaishav allegedly coerced the victim to withdraw $130,000 from his bank accounts and deposit the amount in a Bitcoin address provided by the fraudster.
To establish credibility, Shaishav purportedly sent a fabricated letter dated September 20, 2022, claiming to be issued by the US Federal Trade Commission. This deceitful tactic further cemented the victim’s trust, leading to the financial loss.
During the investigation, the CBI confiscated various cryptocurrencies, including Bitcoin, Ethereum, Ripple, and USDT, amounting to $939,000, from Shaishav’s crypto wallets. Additionally, the agency identified two accomplices residing in Ahmedabad. Upon inspecting their premises, the CBI seized mobile phones, laptops containing incriminating evidence, and other digital devices.
This successful operation highlights the agency’s commitment to combating cybercrimes and ensuring the safety of digital assets. The CBI has cautioned the public to exercise utmost vigilance when dealing with cryptocurrency transactions and to report any suspicious activities to the authorities.
