One arrested for Rs 34L crypto fraud

A key accused in a crypto trading fraud that cheated a victim of nearly Rs 34 lakh has been arrested by Delhi Police’s Cyber Cell.

Naresh Kumar, from Karnal, Haryana, provided 10 current bank accounts under the name ‘Naresh Tractor Workshop’ to interstate cyber networks operating under the name ‘Coin-Ex Crypto Trading.’ The police said these accounts were used to divert and circulate funds collected from investors across India. The case came to light when a complainant reported being cheated after investing in Coin-Ex Crypto Trading. Investigators said the syndicate had contacted victims through social media platforms and added them to online groups, offering trading schemes.

When victims sought withdrawals, they were denied payments through false promises and coercion, while money was routed through several accounts to conceal its origin.

The police traced nine first-layer accounts and identified the ‘Naresh Tractor Workshop’ account as a key channel.

Kumar confirmed that he acted as an account provider for organised cyber fraud networks, detailing his role in moving and layering funds. The case is registered at Cyber Police Station, Central Delhi. The police are working to recover the victims’ money.