Latest news with #SatyamTiwari
Time of India
11-08-2025
- Time of India
How money mules powered cyber cons' ‘operating system'
Lucknow: The cyber cell of Lucknow police has uncovered how local youths unknowingly strengthen a global cyber fraud network by acting as "money mules" for illicit financial transactions. Tempted by quick commissions, these individuals allow their bank accounts to be used for money laundering by cybercriminals involved in online scams and 'sextortion'. Illicit funds are then converted into cryptocurrency, primarily Tether (USDT), and transferred abroad — bypassing all legal scrutiny. Investigations reveal that the operations are coordinated through heavily encrypted Telegram channels, often run by Chinese handlers or their Indian proxies. Police have traced dozens of mule accounts in Lucknow, with several account holders expressing regret for underestimating the legal consequences. Additional DCP (south zone) Vasanth Kumar said the scam came to light after the arrest of Satyam Tiwari and his gang in Lucknow on June 21. "They siphoned off Rs 75-80 lakh in the guise of cryptocurrency trading, funneling the money through mule accounts before converting it to USDT and transferring it overseas," Kumar said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When Knee Pain Hits, Start Eating These Foods, and Feel Your Pain Go Away (It's Genius) Click Here Undo He added that the probe revealed a wider network of foreign handlers. "The operation was conducted through Telegram channels primarily operated by Chinese nationals or their proxies. They use blockchain network for USDT trades, avoiding legal crypto exchanges. Communication is encrypted, aliases are used, and usernames change frequently to mask identities. Indian mule account holders are then appointed to stash and transfer cash," he said. While investigation was underway, police busted another gang led by Baburao Sambhaji Mali (34) from Sangli, Maharashtra. The group allegedly defrauded a businessman of Rs 29.25 lakh through fake Facebook pages offering high-yield banana saplings. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Hindustan Times
22-06-2025
- Hindustan Times
Lucknow police bust ₹80 lakh crypto fraud racket, eight arrested
In a major breakthrough against digital financial fraud, Lucknow Police on Saturday busted a gang involved in illegally siphoning off nearly around ₹ 80 lakh through 'crypto trading' of USDT (Tether). Eight accused were arrested from various parts of the city. A case has been registered at the Cyber Crime Police Station under sections 317(2), 318(4), 61(2), and 111(2)(B) of the BNS, along with sections 66C and 66D of the IT Act, according to a press release issued by the cyber crime unit. (For representation) Acting on intelligence inputs and digital surveillance, a joint team led by inspector Brijesh Kumar Yadav of Cyber Crime Police Station carried out the arrests under the supervision of senior officers, including the joint commissioner of police (Crime), deputy commissioner of police (Crime), additional DCP (Crime), and assistant commissioners from Gossaiganj and crime branch, press release stated. Police said the accused operated a well-organised racket involving foreign handlers, mule bank accounts, and untraceable crypto wallets. In the past two months, ₹ 75–80 lakh was funneled through fake 'crypto trading' deals without using any legitimate exchange. Transactions were conducted via Telegram channels controlled by Chinese handlers, who used the TRC-20 network to bypass legal scrutiny. The gang's modus operandi involved recruiting local Indian account holders on a commission basis. These individuals were made to receive high-value deposits via NEFT, RTGS, or IMPS, which were then withdrawn in cash the same day and handed over to underground crypto brokers. These brokers purchased USDT using decentralised peer-to-peer (P2P) wallets that operate without KYC norms ensuring complete anonymity and making law enforcement tracking nearly impossible, stated the press release. During the police interrogation, the accused claimed to be 'crypto traders' but failed to produce any exchange records, GST documents, or wallet KYC details. Investigators confirmed that these wallets, often used for money laundering, were chosen precisely because they operate outside Indian jurisdiction and cannot be traced easily. The accused have been identified as Satyam Tiwari (21, Lucknow), Diwakar Vikram Singh (21, Basti), Saksham Tiwari (21, Raebareli), Vinod Kumar (24, Gonda), Krish Shukla (25, Lucknow), Mohd. Shad (31, Barabanki), Laiq Ahmed (32, Gonda, currently in Lucknow), and Manish Jaiswal (40, Lucknow), stated in a cyber crime press release on Saturday. The police recovered 16 mobile phones, 2 laptops, a tablet, ₹ 1.85 lakh in cash, 3 cheque books, a passbook, and 4 four-wheelers from the accused. The Cyber Crime Cell is now tracing other linked accounts and crypto wallet addresses, with further arrests expected in the coming days, the press release stated. A senior police official stated that the gang exploited loopholes in crypto regulation and bank account verification to run a cross-border financial crime operation masked as 'trading'. Investigations are underway to identify more links in the chain, especially handlers operating from abroad.
Time of India
21-06-2025
- Time of India
Gang laundering money via illegal crypto trading on Telegram busted
Lucknow: A joint team of Lucknow police's cybercrime cell on Saturday busted a gang originally being run by Chinese nationals or their proxies through a Telegram channel. The gang was involved in duping people by transferring crores of rupees to mule accounts on the pretext of illegal 'crypto trading' using USDT (Tether). Those arrested were identified as Satyam Tiwari, 21, from Lucknow, Diwakar Vikram Singh, 21, from Basti, Saksham Tiwari, 21, from Rae Bareli, Vinod Kumar, 24, from Gonda, Krish Shukla, 25, from Lucknow, Mohd. Shad, 31, from Barabanki, Laiq Ahmed, 32, from Gonda, currently in Lucknow, and Manish Jaiswal, 40, from Lucknow. Police seized 16 mobile phones, two laptops, a tab, Rs 1.85 lakh in cash, three cheque books, one passbook, and four four-wheelers from the accused. Additional DCP (crime) Vasanth Kumar said the gang opted for illegal crypto transactions via USDT (Tether) to mint money. In the last two months, an amount of around Rs 75-80 lakh was siphoned off through bank accounts on the pretext of 'crypto trading'. Kumar said that the investigation revealed the role of a foreign handlers' network as the entire operation was conducted through Telegram channels, which are primarily run by Chinese citizens or their proxies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo "These handlers coordinate USDT (Tether) trades via the TRC-20 network, avoiding any legal crypto exchange. The communication is encrypted, alias-based, and usernames are changed frequently to conceal identities. The gang appointed Indian bank account holders (mule accounts) to stash the cash. The local agents hire Indian nationals on a commission basis to use their bank accounts for high-value transactions. The account holders are told that their accounts may be frozen after the transaction — indicating that they had prior knowledge of the crime and KYC was either evaded or fake documents were used for KYC. The cash withdrawal (money pickup) was done on the day of the transaction. The agents working in India take the account holders to their respective banks. The higher amount is deposited through NEFT/RTGS/IMPS, and the entire amount is withdrawn in cash on the same day. The mule account holders were given their 'cut' for the favour. Then they transfer cash to crypto dealers. The withdrawn cash amount is assigned to a crypto broker, who uses it through a broker who conducts decentralised 'peer-to-peer' (P2P) transactions using cash and USDT transfers via multiple decentralised wallets," said Kumar. Since these wallets are free from KYC and regulation, they are used to hide illegal transactions. After USDT is purchased, it is transferred via the TRC-20 network to the wallet addresses provided by Telegram channels. Police said there are no invoices, valid exchange records, or tax compliance involved in the entire process, making it ideal for illicit money laundering and international transfers. During interrogation, the accused called themselves 'crypto traders'. However, they were unable to produce any valid documents like exchange ledger records, wallet KYC, GST invoice, and tax documents. Police said to maintain privacy, these people use decentralised wallets, even at higher exchange rates than normal, as these wallets do not require identity verification (KYC) and cannot be easily tracked by law enforcement agencies. These wallets and exchanges are extremely difficult to trace as they are based on a global network and do not come under the jurisdiction of any one country. "This confirms that 'crypto trading' is only a cover to hide the source and destination of illegal funds," police said.
