Ahmedabad Trader Reports ₹47.78 Lakh USDT Fraud, Three Arrested

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Ahmedabad Crime Branch has initiated legal action against three individuals following a cryptocurrency-related scam involving ₹47.78 lakh.

Ahmedabad Crime Branch Initiates Legal Action

The case centers on a Rajasthan-based trader who claims to have been deceived through a series of fraudulent cryptocurrency transactions. Authorities are analyzing digital wallet activity, financial records, and communication logs to trace the flow of funds and confirm the involvement of the accused.

Complainant Details

The complainant, 36-year-old Jagdish Babulalji Bishnoi, reported the incident after allegedly losing a significant sum in a cryptocurrency deal. According to his statement, he sought investment opportunities in April 2026 and connected with Sachin Kanaiyalal Joshi through a mutual acquaintance, Shankarsinh Shekhawat.

Initial Transactions

Joshi allegedly promoted cryptocurrency transactions as a means to generate substantial returns, prompting Bishnoi to engage with him. The initial transaction involved a ₹95,600 transfer via PhonePe to an individual identified as Dipam Jani. Bishnoi claimed to have received 999 USDT in his TronLink wallet, which allegedly validated the legitimacy of the operation.

Larger Investment

Encouraged by this success, Bishnoi proceeded with a larger investment. On May 6, he arranged ₹23.93 lakh through a friend, Santosh Raghunathram Saran, and an Mumbai-based angadia firm. The funds were reportedly handed to Mehul Harshadbhai Parekh in Ahmedabad, after which 25,000 USDT was credited to Bishnoi’s crypto wallet.

Unraveling the Scheme

The scheme reportedly unraveled during a subsequent transaction. On May 11, Bishnoi transferred ₹47.78 lakh via the same angadia firm to Parekh. However, no USDT was credited to his TronLink wallet. When confronted, Sachin Joshi allegedly attributed the issue to a technical malfunction, promising resolution within days.

Investigation and Expert Opinion

Investigators are examining digital footprints, including wallet addresses, transaction histories, and communication records, to corroborate the allegations. A cybersecurity expert specializing in financial crimes emphasized the importance of verifying transaction details and counterparty identities before executing large cryptocurrency transfers.

The expert noted that initial successful transactions can be a tactic to build credibility, warning investors to exercise caution and independently validate all aspects of a deal.

Case Status and Conclusion

The case remains under investigation, with no formal charges yet filed. Authorities are focusing on digital evidence to map the financial trail and determine the extent of the accused’s involvement. The incident highlights ongoing risks in cryptocurrency transactions, underscoring the need for heightened vigilance and due diligence among investors.