Shocking Bitcoin Scam in India, jobs seekers deceived & robbed in cryptocurrency

The group of three gang members duped and looted several Indian job aspirants across the nation and even internationally via fake job ads & fraud promises, minting money in bitcoin.

The Special Task Force of Uttar Pradesh, India, uncovered a Bihar-based gang case, after their arrest, that cheated on several naive aspirants by posting fake overseas job postings and conducting transactions in bitcoin to avoid getting tracked.

An Indian police team has arrested Bittu Yadav, Rakesh Kumar and Pradeep Deo from Chinhat, Uttar Pradesh. The police recovered 16 ATM cards, 2 PAN cards, a Driving License, and Rs 21,300 cash. 

SSP at Special Task Force Rajeev Mishra told TOI that as soon as the team received information on the gang duping innocent jobseekers was an active cell in Kushinagar and Lucknow, a team zeroed in on the accused and arrested them. The three gang members even tricked Indians living abroad in the US, Canada, Australia, and the UK.


Shocking reveal!

While explaining the functioning of the fraud unit, SSP told how the gang worked in a three-step process involving a scammer, bitcoin vendor, and pickers. 

The scammer, who was the main head of the operation, paid the bitcoin vendor and pickers their part of the commission after completing the task. He posted job ads asking job seekers to contact him, and as soon as an aspirant would contact for work, the picker would then demand a payment in bitcoin as a form of registration charge.

The pickers would use multiple bank accounts to dodge police scanner, and once they receive the amount from the aspirants, they deducted their commission. They transferred the remaining amount to a bitcoin vendor, who then converted the money in cryptocurrency and moved it to the main scammer’s wallet.

The police reported that the arrested pickers revealed other active pickers in the region. For now, police have retained the statement of bank accounts and transactions made with them.

+ posts

A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Saumya Uniyal
Saumya Uniyal
A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

content writing

AI Will Disrupt the Content Marketing Space in 2022 & Beyond

Artificial intelligence has taken over almost every aspect of communication, from Google Assistant answering our vocalized questions to Alexa recommending products based on our...

Evolution of Fintech, Traditional Banking, and Their Collective Impact

Today, Fintech has become a household name, yet still a brand new term for several others. Fintechs are largely technology and financial expertise businesses that...
Indian rupee

Indian Rupee is Declining; Here is Everything You Need to Know!

Indian rupee ended 2021 at almost 20 months low and as the worst-performing currency in Asia (1). Yes, it is good for exporters as...
purple cow theory

Purple Cow Theory: Businesses Find Success When Remarkable

Imagine you are an investor or even one of the sharks in the new Shark Tank India show. You are listening to several pitches;...
trends 2022

Latest Business Trends, Opportunities, and Lessons

The shift in Consumer Behaviour in 2022 Consumer behavior and expectations have shifted dramatically in the last 18 months. According to the latest report by...

Prop Tech Will Drive the Future of Real Estate in 2022

The year 2020 was pivotal with the coronavirus pandemic accelerating technology adoption in the real estate industry. The phenomenon is similar to how the...
startup trends

ESG Goals, Social Innovation, and Startup Trends That are Here to Stay!

2022 has brought a renewed focus on environmental, social, and governance impacts of businesses worldwide, as we have discussed in our previous article, The Disastrous...
climate change

The Disastrous Effects of Climate Change on Your Business

The world is at a watershed moment when it comes to climate change. The 2021 report from Deloitte Global on Climate Check indicates that...