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Ahmedabad: The Central Bureau of Investigation (CBI) seized cryptocurrency worth about Rs 7.7 crore ($930,000) from one Shaishav Ramavat, who allegedly cheated a US citizen by posing as an executive of the fraud department of a multinational company. Ramavat, a resident of the city, was booked based on inputs from the Federal Bureau of Investigation (FBI) of the US. According to the complaint with the CBI, Ramavat contacted the US citizen over the phone and introduced himself as James Carlson from the fraud department of Amazon.He convinced the victim that his account on Amazon was being accessed by unscrupulous elements and that his social security number was being used from four different states to open accounts on the e-commerce platform. A CBI statement alleged that Ramavat induced the victim to withdraw cash from his bank accounts and deposit it in Bitcoin in the RockitCoin ATM Wallet. Ramavat allegedly shared a QR code with the victim, falsely telling him it had been set up for him by the US Treasury. In pursuance of the said inducement, the victim allegedly withdrew an amount of $130,000 from his bank accounts on different dates from August 30, 2022, to September 9, 2022, and deposited it in the Bitcoin address provided by the accused, said CBI official statement. To gain the victims trust, Ramavat emailed a forged letter, dated September 20, 2022, claiming it was from the Federal Trade Commission of the US. Searches were conducted at the premises of the accused in Ahmedabad which led to the recovery and seizure of cryptocurrencies including 28 Bitcoin, 55 Ethereum, 25,572 Ripple and 77 USDT from Ramavats e-wallet. These were worth about Rs 7.7 crore ($939,000). The CBI also found incriminating material from his residence, a CBI spokesperson said. The role of two accomplices of Ramavat, who are also based in Ahmedabad, have also been uncovered. The CBI searched their premises and it led to the seizure of mobile phones, laptops containing incriminating material and other digital devices.We also published the following articles recently

Online fraud against US citizen: Cryptocurrency worth USD 930,000 seized by CBI from Ahmedabad-based man

The Central Bureau of Investigation (CBI) in India has seized over $930,000 worth of cryptocurrency from an Ahmedabad-based man who allegedly defrauded a US citizen. The accused posed as a senior executive from Amazon's fraud department and convinced the victim that his account was being accessed by unauthorized individuals. The CBI found 28 Bitcoin, 55 Ethereum, 25,572 Ripple, and 77 USDT in the accused's e-wallet. Two accomplices of the accused have also come under investigation.

CBI seizes cryptocurrency worth Rs 7.7cr from city man

The Central Bureau of Investigation (CBI) in India has confiscated cryptocurrency worth around $930,000 from an individual named Shaishav Ramavat. Ramavat is accused of defrauding a US citizen by posing as an executive from a multinational company's fraud department. He allegedly convinced the victim to withdraw cash from their bank accounts and deposit it into a Bitcoin wallet. The CBI also uncovered two accomplices based in Ahmedabad, who were found to possess incriminating material.

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CBI seizes cryptocurrency worth 7.7cr from city man - Times of India