Delhi Police Arrest Karnal Man in ₹34 Lakh Cryptocurrency Scam

Karnal Resident Arrested in ₹34 Lakh Cryptocurrency Scam – Key Player in Cyber Fraud Network

New Delhi, September 29 – In a significant breakthrough, the Delhi Police Cyber Crime Unit has apprehended Naresh Kumar, a 34-year-old resident of Karnal, Haryana, for his alleged involvement in a ₹34 lakh cryptocurrency investment fraud. The arrest unveils a deeper nexus of interstate cybercriminal syndicates operating under the guise of crypto trading.

 The Modus Operandi

The fraudulent scheme was conducted under the name “Coin-Ex Crypto Trading”, which targeted unsuspecting investors through:

• Social media promotions and fake success stories

• Placement in manipulated WhatsApp/Telegram groups promising high returns

• Simulated profit dashboards to build trust

• Denial of fund withdrawal or threats when victims requested their money back

The victims, misled by the illusion of legitimacy, ended up transferring large sums into accounts controlled by the syndicate.

 Role of the Accused

According to the Deputy Commissioner of Police (Crime), Aditya Gautam, Naresh Kumar functioned as a professional “account provider” for cybercrime groups. His responsibilities included:

• Opening multiple current bank accounts under the fake business name “Naresh Tractor Workshop”

• Providing access to cheque books, debit cards, SIM cards, and internet banking credentials

• Allowing the use of his accounts for layering and laundering fraudulent proceeds

???? Investigations revealed he earned approximately ₹30,000 per account per month as commission.

  Financial Trail & Evidence

During forensic financial analysis, authorities tracked:

• ₹9 lakh of the defrauded amount across various accounts

• Key transactions routed through “Naresh Tractor Workshop” accounts

• His accounts linked to at least 13 victim complaints on the National Cybercrime Reporting Portal (NCRP)

His cooperation enabled cybercriminals to operate remotely, disguising their identity while exploiting his financial infrastructure.

  Legal Proceedings & FIR

An FIR was registered on June 5 at the Cyber Police Station, Central District, Delhi, under relevant provisions of the Bharatiya Nyaya Sanhita (BNS).

The investigation is ongoing to trace the full extent of the fraud, identify other network members, and initiate recovery of stolen assets.

 Public Advisory

The case is a stark reminder of the dangers of unverified crypto platforms and the increasing sophistication of cybercrime networks in India.

Citizens are advised to:

✅ Always verify the legitimacy of crypto trading platforms
✅ Avoid sharing personal banking credentials or OTPs
✅ Report suspicious activities immediately at cybercrime.gov.inCyber awareness and vigilance are the strongest defense against financial fraud in the digital age.

Conclusion

The arrest of Naresh Kumar has dismantled a key financial channel used by cybercriminals to siphon money from Indian investors. While this marks progress, it also highlights the need for continued digital vigilance, stricter KYC norms, and inter-agency collaboration to combat organized cyber fraud.

Follow cyberdeepakyadav.com on

 Facebook, Twitter, LinkedIn, Instagram, and YouTube