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Madhya Pradesh: Rs 6.7 cr cryptocurrency illegally transferred

11:57 PM Nov 29, 2021 | Staff Reporter

Indore (Madhya Pradesh): The State Cyber Cell on Monday arrested a senior software developer of a company for illegally transferring cypto currency worth Rs 6.7 crore of a client from Japan to another crypto wallet. The accused with the help of a feature in the digital product of the client transferred BTC and ETC worth Rs 6.7 crores to another crypto wallet.

Since the accused had developed the crypto wallet for the Japanese client he knew all the necessary information and cheated the client and the users.- SP Cyber Cell Jitendra Singh

Superintendent of Police (cyber cell) Jitendra Singh said that Piyush Singh, the director of No Border Technologies Pvt Ltd company had lodged a complaint on July 15, 2021 that his company had made an app for his client Rio Takeshi Kubo from Japan which facilitated parking of crypto currency by the client’s customer by creating their digital wallet. In lieu of which the customer got a reward and bonus in the form of crypto currency which as per the script got deposited in the customer’s digital account on the app.

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SP Singh said that the Indian firm was working with the Japanese client since March 2019. The app was being maintained by the Indian firm ‘No Border Technologies Pvt Ltd’ for its client since then. In February 2021, the Indian firm got a complaint from the client that there were some unauthorised transactions of the crypto currency parked by the customers of the client in the app.

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The cyber cell officials registered a case under section 43, 65, 66, 66-c,66-D of IT Act and section 408,419,420,34 of the IPC at Cyber Crime police station in Bhopal. Ongoing investigation revealed that the server logs and other details of the company were stolen by senior software developer Sandeep Goswami, a resident of Sagar. He had allegedly created a fake account having the same name of the customer and he had verified the KYC manually due to which he started getting daily bonuses manually by hitting reward API for those fictitious customers.

Singh further said that during the investigation, crypto currency was found to be transferred to a suspicious wallet address. The officials received information from crypto currency exchange Wazirx that more than 11.97 BTC have been transferred from the wallet address of the applicant's client to the above suspicious wallet address. Thus, the accused was able to transfer crypto currency on his own name and the names of his wife and mother on an Indian crypto exchange. Since then, Goswami was missing.

The cyber cell officer’s team reached Sagar two times but the house of the accused was found locked. The cyber cell officers found the location of the accused in Mathura in UP. A team of inspector Rashid Ahmed, SI Sanjay Choudhary, constable Gajendra Singh Rathore was sent to Mathura from where the accused was arrested. The accused allegedly informed the cyber cell officers that he was living in a rented house in Mathura in order to evade arrest. The accused was planning to sell his property to flee foreign.

Also Read: Omicron scare in Madhya Pradesh: Woman from Botswana found at College of Materials Management, Jabalpur

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