Details

A 23-year-old MBBS student in Indore, Madhya Pradesh, has been arrested for allegedly transferring ₹8 lakh obtained through cyber fraud to a Chinese gang by converting the funds into cryptocurrency.

Details of the Case:

Background: The accused, a third-year medical student from Government Medical College in Alibag, Maharashtra, is originally from Jodhpur, Rajasthan.

Modus Operandi: He reportedly collaborated with a cyber fraud gang, providing bank accounts on a commission basis. Connected to five Chinese individuals via a Telegram group, he used the Binance cryptocurrency exchange to convert the fraudulent funds and transferred them to a Chinese crypto wallet linked to an individual referred to as "TLX.

Communication: The student used a chatbot to facilitate communication between English and Chinese, allowing smooth interaction with his Chinese contacts.

Investigation and Arrest:

The arrest was the result of an investigation into a local software engineer's complaint about being defrauded of ₹1.35 lakh. Evidence uncovered during the probe linked the student to a total transfer of ₹8 lakh. Authorities are working with Telegram and Binance to gather more details for the ongoing investigation.

Implications:

This case highlights the increasing use of cryptocurrencies by cybercriminals for laundering illicit funds due to the anonymity and global accessibility of digital assets. Law enforcement agencies are ramping up efforts to combat cyber fraud and cryptocurrency-based money laundering.

The public is urged to remain vigilant and report suspicious activities to authorities to prevent such crimes.