Lucknow – In a significant breakthrough, the cybercrime police in Uttar Pradesh’s capital have unearthed a multi-crore international fraud racket operating under the guise of illegal cryptocurrency trading. Acting on technical surveillance and intelligence inputs, the joint team from Cyber Crime Police Station, Gosainganj Police Station, and Lucknow Cyber Cell arrested eight individuals involved in the scam, which is believed to have defrauded citizens of ₹75 to ₹80 lakh so far.
How the Racket Was Uncovered
The operation was led under the direction of the Joint Commissioner of Police (Crime), with oversight from the Deputy Commissioner of Police (Crime) and Assistant Commissioner of Police (Gosainganj). The accused were apprehended from different parts of Lucknow by a team headed by Inspector-in-Charge Brijesh Kumar Yadav. Authorities recovered a large cache of digital devices, cash, and vehicles during the raids.
Modus Operandi: Fraud Disguised as Crypto Trading
Investigations revealed that the gang ran its operations through Telegram channels linked to Chinese nationals or their representatives. Transactions were executed via the TRC-20 network using USDT (Tether) to evade regulation and avoid using legitimate crypto exchanges.
The group lured local youth by offering commissions for access to their bank accounts, which were then used to route funds through NEFT, RTGS, or IMPS. The money was withdrawn in cash and handed to local crypto brokers who converted it into USDT and transferred it to decentralized wallets shared on Telegram – all without KYC, tax documentation, or legal compliance.
Arrested Individuals
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Satyam Tiwari (21) – Mohanlalganj, Lucknow
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Diwakar Vikram Singh (21) – Basti
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Saksham Tiwari (21) – Raebareli
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Vinod Kumar (24) – Gonda
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Krish Shukla (25) – Jankipuram, Lucknow
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Mohammad Shad (31) – Barabanki
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Laeeq Ahmed (32) – Gonda (residing in Phoolbagh, Lucknow)
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Manish Jaiswal (40) – Neelmatha, Lucknow
Seized Items
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16 mobile phones
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2 laptops
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1 tablet
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₹1.85 lakh in cash
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3 checkbooks, 1 passbook
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4 four-wheelers
Ongoing Investigation
All arrested individuals claimed to be ‘crypto traders’ but lacked KYC-compliant wallets, exchange records, or tax documentation—indicating clear involvement in money laundering and illicit fund transfers. Police suspect broader international connections and more Indian agents may be involved. Further arrests are likely as the probe deepens.
This case exposes the growing misuse of decentralized crypto platforms in India for fraud and illegal fund routing—prompting authorities to issue a strong warning against such criminal operations.
