06-07-2025
Crypto investment scam mastermind nabbed in India
A Dubai-based hotelier accused of orchestrating a multi-million-dirham cryptocurrency scam has been arrested in India, as reported by Khaleej Times.
Authorities in Faridabad, Haryana, confirmed the suspect's arrest, calling him a 'big catch' in a sweeping cyber fraud investigation. The 39-year-old businessman, who previously ran a four-star hotel in Dubai Marina, allegedly played a key role in a fake crypto investment scheme that promised huge returns and duped thousands of victims.
The Enforcement Directorate (ED) reported that over Rs2.2 billion (Dh956 million) in illicit funds were funneled through fake bank accounts, converted into cryptocurrency, and transferred to overseas handlers, with the suspect keeping a significant share.
The accused fled to Dubai in 2022 when the investigation began, and only recently returned to India after a court allowed it under the condition he cooperate with investigators. Authorities say he continued to operate online scams alongside his hospitality ventures, sending 70% of stolen funds to a Dubai-based partner.
He was tracked through a forged payment gateway account, making him the 12th arrest in this large-scale financial fraud case. The investigation continues as police search for his associate and other accomplices.
