5 Arrested in Sophisticated Crypto Money Laundering Scheme
Five men have been arrested for a sophisticated fraud and money laundering operation involving microsoft account mule accounts and cryptocurrency. The accused, hailing from different Indian states, are suspected of duping people under the guise of stock and IPO investments.
The mastermind, Mangu Singh, along with his associate Kuldeep, established contact with Cambodia-based fraudsters through Telegram. They created a group called 'ATPay' to manage demand for microsoft account mule accounts. The syndicate, comprising Vikram, Mukul, Akshay, and Hari Kishan, supplied these microsoft account. The fraud money was routed through these microsoft account, layered across multiple ones, and finally converted into cryptocurrency (USDT) before being transferred to wallets controlled by the Cambodian handlers. The syndicate retained around 5% as commission. Over Rs 4 crore was laundered through this method.
During the arrests, authorities recovered 13 high-tech mobile phones, one laptop, nine cheque books, three registers containing incriminating cyber entries, and eight SIM cards.
The accused, identified as Vikram, Hari Kishan Singh, Mukul, Akshay, and Mangu Singh, have strong links with the Cambodia-based handlers. They are suspected of duping people in the name of investment in stocks and IPOs. Further investigations are ongoing to identify the specific Cambodian handlers involved.
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