The Cyber Crime Police Station of Pimpri Chinchwad has arrested three individuals, including a business administration student and a passport agent, for their alleged involvement in siphoning funds from victims of a cyber fraud. The suspects reportedly withdrew money from the victims’ accounts and later converted it into Tether (USDT) cryptocurrency, which was sent to international handlers.
The case is linked to a share trading scam in which a victim was lured through a YouTube advertisement and defrauded of Rs 56 lakh. The victim was deceived into believing he had earned a profit of Rs 5.15 crore after being manipulated into making multiple transactions through a fraudulent mobile application.
During the initial phase of the investigation, cyber investigators traced suspicious transactions to a bank account in Pune under the name Balaji Enterprises. The account was linked to Shivam Balkrushna Sanvatsarkar, a 34-year-old resident of Erandwane, Pune, who works as a film producer. He was arrested soon after.
In the next stage of the probe, investigators discovered that part of the victim’s funds had been transferred to an account in a public sector bank, registered in the name of a real estate entity. The money was subsequently withdrawn in cash.
Cyber Police tracked down the individuals operating this account and last week arrested three suspects: Sahil Anwar Sayyed, a 22-year-old BBA student, Bhupendra Avatar Singh, a 34-year-old passport agent, and Sarfaraz Rafique Sayyed, a 29-year-old automobile repair shop owner. Investigations also revealed that the bank account they managed had been flagged in at least seven cyber fraud cases and had recorded transactions worth Rs 12 lakh.
Following their arrest, the trio have been remanded to police custody as further investigation continues.
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