Mumbai: MBA graduate’s Bitcoin pursuit leads to fraud

Tarun Kesarwani

A 30-year-old MBA graduate finds himself in police custody due to his pursuit of wealth through Bitcoin. VB Nagar police, while investigating a case of financial fraud totalling Rs 10 lakh, uncovered a money trail leading to this individual, who was set to receive the funds for conversion into Bitcoin. Hailing from a well-off family in Marol, the accused turned to Bitcoin trading to generate income after several months of unemployment. He is currently under police custody.

On August 4, a Kurla resident received an unsolicited message from an unknown number offering a part-time job. Upon responding, he was instructed to share personal and banking details with a Telegram account named "@maria1520." Subsequently, he was added to a group called ‘Y1055 Fancy Freelancers.' After receiving initial small bonuses, the victim was ensnared in a scam that prompted him to transfer R10.66 lakh to various accounts for promised substantial returns. Realising he had been duped within a day, he rushed to the VB Nagar police station.

Senior Inspector Rajiv Chavhan assigned the case to Inspector Anil Mulay, Sub Inspector Dipesh Shinde, Constable Anand Pawar, and their team. The victim transferred funds to four different bank accounts, including one in Odisha. The money trail led investigators to a Panvel-based account under the name Veda Traders in APMC, Navi Mumbai. This account received R5 lakh from the Odisha-based bank account.

Subsequently, the police froze the Panvel account and apprehended its owner, who revealed that an individual named Ganesh had deposited the sum on August 4. A trap was set, leading to the arrest of Tarun Kesarwani, also known as Ganesh, on August 12. Tarun, a resident of Marol, Andheri, initially couldn't fathom the reason for his arrest, but further questioning revealed his involvement in the crime.

The beginning

During interrogation, Tarun disclosed that he worked as a USDT commission exchanger. He stumbled upon a social media page named ‘Buy and Sell All Currency Exchange,' which brought him in contact with Ravi. Ravi introduced Tarun to a Telegram group named USDT. Another individual named Santosh joined the group at Ravi's behest.

Santosh later informed Tarun that he had funds in a bank account that needed to be converted into USDT (Cryptocurrency). Using his connections, Tarun enlisted the help of an Angadia to transfer the money to an account owned by Veda Traders. To acquire USDT worth R5 lakh, Tarun purchased it from a third party, earning a commission. He then attempted to collect the cash from Veda Traders, leading to his arrest.

Lured with commission

Officials familiar with the investigation revealed that Tarun frequently engaged in Bitcoin transactions and earned commissions as a USDT exchanger. "The entire transaction is built on trust, with participants having no personal knowledge of each other. The Telegram group Tarun created likely involves two handlers, possibly targeting individuals dealing in USDT to convert INR into Bitcoins. Tarun was unaware that the money he dealt with was ill-gotten and earned him a commission," an official stated.

UAE link

The investigation has uncovered compelling evidence linking the handlers of this fraud to the UAE. "We've identified a total of 12 bank accounts through which the money flowed. The arrested individual was responsible for converting money into USDT for these handlers. We're continuing our investigation to determine if there are others involved," the official added. Tarun remains in police custody until August 18.