After 2-year hunt, Mumbai cryptofraud fugitive arrested in Ahmedabad

Ahmedabad: A 47-year-old man — absconding for two years after allegedly cheating more than 100 people through a multi-crore cryptocurrency investment fraud in Mumbai — was arrested by the city crime branch on Tuesday. Police identified the accused as Sujit Dev, a software developer currently residing in the Naroda area of Ahmedabad. Originally from Koregaon taluka in Maharashtra's Satara district, Dev was arrested near Ahmedabad airport following specific inputs about his movements.
Police said that, in 2021, Dev and his associates opened a cryptocurrency investment firm in Dahisar. They allegedly lured residents from Dahisar and nearby areas by promising fourfold returns on investments in cryptocurrency. Several people invested substantial sums based on these assurances.Police said that after collecting crores of rupees from over 100 investors, the accused allegedly siphoned off the funds and went into hiding. Since then, he frequently changed locations to evade arrest.According to the crime branch, Dev is wanted in CR No 1305/24 registered at Dahisar Police Station under IPC Sections 406 (criminal breach of trust), 420 (cheating), 34 and 120(B) (criminal conspiracy), along with Sections 3 and 4 of the MPID (Maharashtra Protection of Interest of Depositors) Act.Acting on intelligence inputs, the crime branch tracked him down and apprehended him near the airport. Officials said that necessary legal procedures were initiated and that he will be handed over to the Mumbai police for further investigation.Crime branch officers said the case highlights the growing misuse of cryptocurrency platforms to defraud unsuspecting investors by offering unrealistic returns. Further investigation is under way to trace the money trail and identify other associates involved in the fraud.