Six arrested in India for Rs 100 crore Bitcoin scam

Ahmedabad’s Crime Branch has arrested six people across two separate cybercrime investigations this month, one linked to a cryptocurrency fraud worth nearly Rs 100 crore (or about $11 million), and another involving a gang that swapped out real products from online deliveries with fakes.

The consecutive busts coincide with alarming national cyber fraud statistics. Online frauds cost Indians Rs22,495 crore ($2.48 billion) in 2025 alone, and the National Cyber Crime Reporting Portal received over 24 million complaints. The sum exceeds Rs 55,000 crore due to cumulative losses from prior years.

For two years, a software specialist avoids capture

Officers from the Crime Branch detained Sujit Shankarrao Dev, also known as Sujit Shankarrao Jadav, on February 17, 2026. He was a Satara, Maharashtra-born software specialist who had been residing in the Naroda area of Ahmedabad.

Dev became a wanted man in 2021 when a complaint was filed against him by the Dahisar police in Mumbai. He had promised residents of the Dahisar region four times their original investment in bitcoin and mining programs. He had the savings of more than a hundred people. By the time the group vanished, they had accumulated about Rs 100 crore.

He managed to stay out of reach for nearly two years. Officers eventually tracked him down using electronic surveillance and tip-offs from the Mumbai police. He was arrested near Ahmedabad Airport.

In addition to provisions 3 and 4 of the Maharashtra Protection of Interest of Depositors Act, Dev is currently charged under sections 406, 420, 34, and 120(B) of the Indian Penal Code.

Investors throw aside prudence in response to promises of guaranteed big profits. Money was transferred through anonymous digital wallets, stored in cold storage, or sent overseas. Investigators are still working to find the people who assisted Dev in running the scam and track down the money.

Gang targeted major e-commerce platforms

Authorities discontinued an investigation aimed at customers who made purchases on websites such as Flipkart and Amazon almost a week prior to Dev’s arrest.

The organization ran a “switch and scam” scheme. To intercept packages in transit, members often posed as delivery workers or worked with actual couriers. Expensive gadgets like laptops, smartphones, and smartwatches were removed from their packaging and swapped out for dummies or fakes.

The packages appeared to be unharmed when they were delivered after being resealed. The real products were quietly put up for sale somewhere else.

Five men were arrested: Ramlal, also known as Romil Gahlot, 27; Manoj Kumar Mali, 30; Bharat Kumar Sundesha, 25; Vishal Hasmukhbhai Panchal, 29, from Surat; and Vishal Kanjibhai Bavri from Ahmedabad.

Police recovered genuine and counterfeit goods worth more than Rs 20.5 lakh (specifically, items including eight genuine mobile phones, 25 dummy phones, three dummy earbuds, 12 dummy gaming processors, a camera lens, and an electric hair dryer, valued at around Rs 20.52 lakh).

Two others from Jalore, identified as Rishipal Bhati and Vinod, are still being looked for.

With obvious ties to Rajasthan, the gang operated in Ahmedabad, Vadodara, and Surat. The case highlights weaknesses in online companies’ delivery and return policies.

Rather than demanding unboxing footage or seal integrity, many businesses rely primarily on customer complaints. It is estimated that between 9 and 15 percent of all returns are fraudulent.

A wider problem

Both cases demonstrate how well-organized cybercrime networks have grown in India, attracting individuals from various states and using wildly disparate tactics to target victims. A significant amount of cyber losses in 2025 were caused by cryptocurrency investment fraud, and delivery and return schemes are still coming up with new ways to take advantage of the system.

Police warned people to be wary of any offer of assured profit. Only platforms that are regulated should be used for investments. It is recommended that internet customers record themselves opening deliveries. The national helpline can be reached at 1930 if someone suspects fraud.

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