Plan to buy crypto with scholarship funds backfires, BTech student robbed at gunpoint

New Delhi: What began as a promising cryptocurrency investment for a BTech student ended in a gunpoint robbery of his scholarship funds after he was allegedly lured through a fake social media deal offering discounted digital currency."The student recently received Rs 2 lakh as scholarship assistance and decided to invest in a USDT (cryptocurrency) venture. While browsing online, he came across a social media advertisement offering USDT at attractive rates. He contacted them and later held detailed conversations over phone, during which a meeting was fixed," DCP (outer) Sachin Sharma said.
On Feb 22, the student reached the designated location near Paschim Vihar East metro along with two friends and Rs 1.8 lakh in cash for the transaction. According to police, soon after they reached the spot, one of the accused forced his way into the student's car and brandished a sophisticated pistol. Simultaneously, five-six of his accomplices surrounded the vehicle from outside, trapping the trio inside. The accused then allegedly took the entire amount and fled. A PCR call was made and a case was registered at Paschim Vihar East police station.Seven people, including alleged mastermind Amit Jain, have been arrested from different parts of Delhi. The others are Amit, Preetpal, Abhay and three brothers, Nishant, Shivam and Harsh, who were allegedly paid Rs 10,000 each.Police said that after suffering heavy financial losses in his rice export business in Dubai, Jain had created fake Instagram and Facebook pages to lure people interested in buying USDT at discounted rates. Of the looted amount, Rs 1.5 lakh has been recovered, and the pistol and three live cartridges, a car, motorcycle, scooty and a laptop, and 11 mobile phones, allegedly used in the crime, have been seized. The gang is suspected to be involved in similar cases across the city.