RBI and SEBI Fake Letters Used in ₹93 Lakh Cryptocurrency Fraud

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An interstate criminal network is accused of defrauding two individuals of a combined sum of ₹93 lakh by offering to facilitate USDT transactions, a stablecoin pegged to the US dollar. The perpetrators allegedly utilized counterfeit documents purportedly issued by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to create the illusion of legitimacy.

Suspects and Arrests

Law enforcement officials have detained three individuals, including a woman, following a raid at a hotel in Lucknow. The arrested suspects are identified as Farida Sikander Saudagar, 51, from Thane, Maharashtra; Pawan Bisht, 54, from Delhi; and Avadhesh Kumar Mishra, 68, from Lucknow.

Fraud Methodology

According to investigative reports, the gang targeted individuals engaged in digital currency activities. The accused allegedly proposed arranging USDT transactions under favorable conditions, offering a 2 to 3 percent commission on each deal. To bolster credibility, they presented forged official letters claiming to originate from the RBI and SEBI.

Raid and Recovered Items

Two separate First Information Reports (FIRs) were filed in connection with the scheme. Investigators traced the suspects to a hotel in Lucknow, where a police operation conducted at approximately 6:15 am on Friday led to the arrest of all three. During the raid, authorities recovered an Apple laptop, three Android smartphones, and 12 forged documents.

Details of Forged Documents

Of these, six were alleged to bear the insignia of the RBI, while the remaining six purportedly originated from SEBI. Additional items seized include three chequebooks, two passbooks, two Indian passports, PAN and Aadhaar cards, and three debit cards. A stamp bearing the name “FOR MPS INFORMATICS PRIVATE LIMITED” was also recovered.

Investigation Focus

Investigators are examining whether the company’s name was illicitly used to enhance the perceived authenticity of the fraudulent transactions. Technical analysis of the seized electronic devices is underway to review communication records, contact lists, and financial data. The probe aims to determine if the accused targeted additional victims or engaged in similar schemes previously.

Expert Opinion

Cybercrime analysts have highlighted the risks associated with counterfeit documents bearing the logos of regulatory bodies. Renowned cybercrime expert and former IPS officer Prof. Triveni Singh emphasized that individuals involved in digital currency transactions must independently verify the authenticity of claims through official channels. The presence of an official seal or institutional name does not inherently validate the legitimacy of a cryptocurrency proposal.

Ongoing Investigations

Police are continuing to scrutinize the financial records, electronic devices, and contact networks of the arrested suspects. Investigators suspect that the ₹93 lakh fraud may represent only a portion of the gang’s activities. Ongoing efforts include identifying additional victims, tracing the movement of funds, and determining the extent of the alleged interstate operation.