Techie wanted for 2 years over Mumbai crypto fraud arrested in Ahmedabad

The Detection of Crime Branch of the Ahmedabad city police on Tuesday said it arrested a man wanted by the Maharashtra police for cheating more than 100 people in a cryptocurrency investment fraud that had promised fourfold profits.

The Crime Branch arrested Sujit Shankarrao Dev, 47, a software developer from Naroda who had been absconding for the past two years. He was arrested near Ahmedabad Airport.

He was booked by the Dahisar police for cheating and fraud under sections of the Indian Penal Code as well as the Maharashtra Protection of Interest of Depositors (MPID) Act.

The Crime Branch said in a statement, “In 2021, the accused, along with other partners, opened a ‘cryptocurrency investment’ office in Dahisar, Maharashtra. He lured residents of Dahisar and surrounding areas with the promise of fourfold (4x) profits on cryptocurrency investments. Based on these false promises, numerous people invested their hard-earned money. Sujit Dev allegedly siphoned off these funds and fled.”