In a significant development, the cyber cell unit of Pune successfully apprehended Prashant Kumar from Gujarat on Saturday, a prime suspect in the ongoing Bitsolives cryptocurrency fraud case. Kumar, along with two alleged accomplices, stands accused of orchestrating investment seminars in various cities, including Mahabaleshwar, Pune, and Mumbai, where they purportedly lured unsuspecting individuals with promises of substantial returns on cryptocurrency investments.
The fraudulent activities took place during 2021-22, with at least eight investors initially duped for a sum of ₹84,34,641.76. However, as the investigation progressed, the total amount involved escalated to a staggering ₹1 crore. The police had previously arrested Ganesh Shivkumar Sagar (47) from Delhi in connection with the case, and efforts are underway to locate another suspect.
The trio reportedly organized seminars that exploited the growing interest in cryptocurrency investments, presenting themselves as experts in the field. They assured participants of lucrative returns on their investments in Bitsolives, a cryptocurrency platform. Taking advantage of the victims’ lack of knowledge about cryptocurrency investments, the suspects created a false sense of legitimacy around their operation.
Eight victims have formally lodged complaints against the accused, prompting the police to launch a comprehensive investigation. Police inspector Chandrashekhar Sawant stated, “The accused asked investors to purchase Bitcoin and instructed them to store it in a wallet provided by the Bitsolives company. After a few months, the accused switched off their phones, duping several people.”
A case has been registered at a cyber police station under sections 406, 420, and 34 of the Indian Penal Code, along with sections 66(D) of the Information Technology Act. This breakthrough highlights the authorities’ commitment to combating cryptocurrency-related frauds and emphasizes the need for increased awareness among investors regarding the risks associated with such schemes.
