Major SIM-Based Cryptocurrency Heist Exposed in Noida Region
Alleged Corporate Crypto Siphon Exposes Global Money Laundering Scheme
Noida, India – In a shocking revelation, a large-scale crypto theft has come to light involving a foreign exchange and crypto firm operating from Sector-62, Noida.
- The company, “5ire Technology,” allegedly siphoned off millions in cryptocurrency from jointly controlled digital wallets, resulting in significant financial losses for its investors.
SAFT-Based Model and Rapid Growth
According to sources, the firm raised over $21 million through a SAFT-based model and claimed rapid growth, reaching unicorn-level valuation within a short period.
Sophisticated Embezzlement Scheme
However, investigators suspect that the company’s directors and business partners orchestrated a sophisticated scheme to embezzle funds from the digital wallets.
According to sources, the alleged fraud occurred after a meeting in Dubai, where security protocols were compromised, allowing unauthorized access to wallet credentials. From August 2025 onwards, a coordinated operation allegedly resulted in the transfer of substantial crypto assets to unknown accounts.
Suspects Identified
- Multiple individuals have been identified as suspects, including Rahul Rautela, Yuvraj Raghuvanshi, Himanshu Sharma, Utkarsh Dwivedi, Aman Dwivedi, and Karan Ahluwalia.
Digital Arrest Scam and SIM Card Supplier
In a separate incident, Noida Cyber Crime Police arrested a man named Suraj from Gurugram, Haryana, for allegedly supplying Indian SIM cards to cyber fraud networks operating out of Cambodia.
- The case came to light after a victim was defrauded of ₹85 lakh in a “digital arrest” scam.
- Investigators discovered that the mobile number used in the fraud was activated as an e-SIM through a POS agent of a telecom company and was later operated from Cambodia.
Global Money Laundering Scheme
Suraj, who has a background in SIM activation and distribution, is believed to have supplied multiple SIM cards used by international cyber fraud syndicates. Authorities suspect that both cases are connected to a larger global money laundering scheme, where cryptocurrency theft and telecom identity misuse are being used to facilitate international cybercrime.
- Bank transactions, wallet movements, and SIM activation records are currently under examination to uncover the full extent of both operations.
Ongoing Investigation
As the investigation progresses, officials expect to reveal more connections to a wider international cybercrime syndicate.
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