UP police arrest two in Rs 100 Crore cryptocurrency fraud

Two men have been arrested in Agra for allegedly masterminding a cryptocurrency fraud worth Rs 100 crore , police said on Sunday. The accused, Vinod from Baghpat and Vinay from Lucknow , are said to have cheated thousands of investors across Uttar Pradesh, Haryana, Himachal Pradesh, and Uttarakhand .

According to Additional Deputy Commissioner of Police (ADC) Aditya, the accused created a fake cryptocurrency website and conducted investment seminars at prominent hotels during 2019, 2020, and 2021 to lure people with promises of high returns. Around 1,500 people were cheated in Agra alone, while the total number of victims runs into several thousands.

Police investigations revealed that the duo collected and misappropriated around Rs 100 crore from investors. Vinod reportedly has multiple prior cases registered against him. One of their associates, Ajay, is already in jail, while several others remain absconding. Police said efforts are underway to apprehend the remaining suspects.

Details about the website name, cryptocurrency wallets, referral structures, or bank accounts used have not been disclosed. Similarly, the FIR sections, complaints timeline, and recovery of funds are yet to be made public. ADC Aditya said investigations are ongoing, and authorities are looking into tracing the misappropriated funds.

Experts say that in cases of large-scale crypto fraud, police often involve the Cyber Crime Cell and the Economic Offences Wing , and may also coordinate with the Enforcement Directorate if money laundering is detected. Assets and bank accounts linked to the accused are usually frozen , and charges under the Indian Penal Code and IT Act may be added once investigations are complete.