The Central Bureau of Investigation (CBI) has taken action to seize cryptocurrency valued at over $930,000 (approximately Rs 7.7 crore) from an individual based in Ahmedabad. This individual is accused of engaging in fraudulent activities, targeting a U.S. citizen by assuming the identity of a senior executive within a multinational corporation's fraud department. According to officials, the CBI initiated this action based on information provided by the Federal Bureau of Investigation (FBI) in the United States.

The accused, identified as Ramavat Shaishav, is alleged to have made contact with the U.S. citizen by telephone and introduced himself as "James Carlson," representing the fraud department of Amazon.

During the course of their search and investigation, the CBI successfully located and secured a substantial amount of cryptocurrency within Shaishav's e-wallet. This cryptocurrency cache included 28 Bitcoin, 55 Ethereum, 25,572 Ripple, and 77 USDT. Notably, these digital assets were promptly transferred to the government's official wallet at the time of their seizure, as confirmed by officials.

The accused, Ramavat Shaishav, reportedly employed a deceptive strategy to exploit the victim. He convinced the victim that unauthorized individuals had gained access to his Amazon account, and further claimed that the victim's social security information was being utilized across four different states to open accounts on the popular e-commerce platform.

The Central Bureau of Investigation’s (CBI) spokesperson said, ”It was also alleged that the accused induced the victim to withdraw cash from his bank accounts and deposit the same in Bitcoin in the RockitCoin ATM Wallet, and also shared a QR code falsely informing him (the victim) that the same was opened by the US Treasury for him.”

In an attempt to establish trust with the victim, it is alleged that Shaishav sent an email containing a fabricated letter. The letter, purportedly dated September 20, 2022, falsely claimed to be issued by the United States Federal Trade Commission. This deceptive tactic was employed to further the fraudulent scheme.”In pursuance of the said inducement, the victim allegedly withdrew an amount of USD 130,000 from his bank accounts on different dates during the period August 30, 2022, to September 9, 2022, and deposited the same in the Bitcoin address provided by the accused,” the official said.

This amount was allegedly misappropriated by Shaishav.  ”Searches were conducted at the premises of the accused in Ahmedabad which led to the recovery and seizure of cryptocurrencies viz, Bitcoin, Ethereum, Ripple, USDT, etc. worth USD 939,000 (approx) from the crypto wallets of the accused, and incriminating material,” the spokesperson said.

The investigation into the case has revealed the involvement of two individuals, accomplices of Shaishav, both located in Ahmedabad. The CBI conducted searches at their residences, leading to the discovery of several pieces of evidence. Among the items seized were mobile phones, laptops containing incriminating materials, and various other digital devices. This development sheds further light on the extent of the operation and the network of individuals associated with the fraudulent activities.

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