Noida Police Investigate ₹3.5 Crore USDT Scam After Bank Accounts Seized

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A cybercrime investigation is underway in Noida concerning a digital currency transaction involving approximately ₹3.5 crore.

Investigation Overview

A cybercrime investigation is underway in Noida concerning a digital currency transaction involving approximately ₹3.5 crore. The case centers on a company based in Greater Noida, which received funds from multiple bank accounts in exchange for USDT, a stablecoin. The transactions triggered alerts from financial institutions, leading to the freezing of the company’s accounts. The complainant, a partner in a business operating within the Women Entrepreneur Park in Greater Noida, reported the incident to authorities.

According to the complaint, the individual first encountered Farhan, also known as Lavkush, through Adil, an employee at Kotak Mahindra Bank’s Lajpat Nagar branch in Delhi. Farhan allegedly sought to purchase USDT at a rate of ₹90.50 per unit.

Transaction Process

The company required full payment upfront before initiating the transfer of digital assets. Instead of using a single account, Farhan allegedly orchestrated the movement of ₹3.5 crore from multiple bank accounts into the company’s funds. The company’s management reportedly raised concerns about the source of the funds, prompting Farhan to assure them of the legitimacy of the transactions. He allegedly pledged to provide Know Your Customer (KYC) documentation and supporting records for the accounts involved. Following these assurances, the company transferred the USDT to a digital wallet linked to Farhan.

Bank Freezes

Subsequent scrutiny by RBL Bank and ICICI Bank flagged the transactions as high-risk, resulting in the freezing of the company’s accounts. The complaint states that approximately ₹20 lakh to ₹30 lakh was blocked, with an additional ₹6.71 lakh deducted from the accounts. After the freezes, the complainant attempted to contact Farhan but allegedly faced evasion.

Complainant’s Actions

A later meeting at a hotel in Mayur Vihar, Delhi, reportedly saw Farhan refuse to supply the requested KYC documents and transaction records.

Police Inquiry

The cybercrime police have initiated an inquiry into the matter, focusing on the legitimacy of the fund transfers and the involvement of multiple financial institutions. The investigation remains active, with authorities examining the roles of all parties involved and the potential for further legal action.

Case Implications

The case highlights vulnerabilities in digital currency transactions and the challenges of verifying cross-account fund flows. The case underscores the growing risks associated with cryptocurrency exchanges and the importance of stringent verification processes in financial transactions.