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Cyber crooks rope in CAs to run hi-tech operations | Vadodara News | #cybercrime | #computerhacker

VADODARA: Cyber frauds have gone hi-tech to share the crores of rupees they siphon from the innocent victims in the state. Investigations into an instant loan app scam led the cybercrime sleuths to a sophisticated operation of converting crores of rupees daily into cryptocurrency that is then sent to either Malaysia or China.
The gang busted by the cops in Gujarat used to convert anywhere between Rs 2 and Rs 3 crore into cryptocurrency every day. “The scamsters have taken it to the next level when it comes to making the huge amount of money disappear. They even hire chartered accountants to convert the scam money into cryptocurrency and remit it abroad,” said Hardik Makadia, ACP (cybercrime), Vadodara.
“It is just one gang. Many such cyber scamsters are daily sending out crores in cryptocurrency to their Chinese counterparts abroad. Once converted into cryptocurrency, the money becomes untraceable. One of the accused even went to Malaysia to meet the Chinese gang executing the racket. We have photographs of the meeting,” Makadia told TOI. The police have traced several bank accounts across the country that were used in this scam.
Explaining the fraud, a police officer said: “The conmen dupe hundreds of people daily through various lucrative schemes and siphon their money online. The money is rotated through a web of bank accounts opened by using identity documents of unsuspecting people or bogus documents. These bank accounts are often controlled by the Chinese gangs.”
All the money is then credited to a single bank account and then converted into cryptocurrency in India through a cryptocurrency exchange. It is then sent to the accounts of the gangs abroad. “Such scam money is very dangerous as it can be used for any purpose, including terror activities. It becomes practically impossible to trace the movement of cryptocurrency,” the police added.
The Chinese gangs hire local operatives in India to execute the scam. Some of the scam money is shared with the local gangs and paid as commission to those helping in the fraud.


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