In a significant breakthrough, the cyber cell of Pimpri-Chinchwad police has unearthed a ₹1.11 crore share market fraud linked to cryptocurrency laundering. Five individuals — Sharad Dilip Saraf, Suraj Tatyaram Saykar, Sanket Sandeep Nahwale, Nagesh Narsinhrao Ganage, and Yogiraj Kisan Jadhav — were arrested for orchestrating an elaborate investment scam. Originally operating a software firm, Saraf and Saykar resorted to fraud following a business slump.

The gang impersonated representatives of a fake “Ali Express trading” platform and convinced an IT professional to invest with promises of 15% returns. Gaining the victim's trust through initial profits, they eventually siphoned off ₹1.11 crore. The funds were routed through mule bank accounts and converted into USDT (a stablecoin cryptocurrency), then moved abroad.

During the probe, police tracked ₹2 lakh of fraudulent withdrawals in Nagpur, leading to Saraf’s arrest and the subsequent capture of the co-conspirators. According to officials, Nahwale handled mule accounts, coordinated withdrawals, and, along with Ganage, facilitated USDT purchases.

This case highlights the increasing use of digital assets in laundering fraud money and underscores the need for robust cyber surveillance and public awareness.

The Pimpri-Chinchwad police cyber cell has successfully dismantled a major ₹1.11 crore share market scam with the arrest of five individuals accused of laundering fraud money via cryptocurrency. The arrested include Sharad Dilip Saraf (48), Suraj Tatyaram Saykar (28), Sanket Sandeep Nahwale (24), Nagesh Narsinhrao Ganage (28), and Yogiraj Kisan Jadhav (29). Saraf and Saykar, who once ran a software development firm, turned to fraud after their business failed.

Posing as representatives of an Ali Express-branded trading platform, the gang lured an IT professional by promising 15% returns on share market investments. Initially providing small profits to build trust, they ultimately persuaded the victim to invest ₹1.11 crore before vanishing.

Deputy Commissioner of Police Shivaji Pawar revealed that part of the fraud money was withdrawn in Nagpur, prompting police action that led to Saraf’s arrest and the unravelling of the racket. The accused transferred fraud money into mule bank accounts, which was then used to buy USDT — a stablecoin cryptocurrency — and sent overseas.

Assistant Police Inspector Pravin Swami stated that Nahwale was responsible for gathering mule accounts and cash withdrawals, while Ganage helped convert funds into crypto. The case underscores rising cyber financial crimes and the exploitation of cryptocurrency in laundering schemes.