Andhra CID busts Rs 15 crore crypto scam, recovers assets
6.9 Security Andhra Pradesh CID busted a Rs 15 crore crypto scam, traced stolen funds globally, secured asset recovery, and arrested eight suspects from India and overseas.
The Andhra Pradesh Crime Investigation Department (CID) has uncovered a major transnational cryptocurrency investment scam worth nearly Rs 15 crore (about $1.5 million). The scheme targeted a woman from Tenali in Guntur district, luring her with promises of high returns on cryptocurrency investments. She transferred funds from her bank accounts to 13 non-custodial wallets, including one on Robinhood and 12 on Onchain, as instructed by the fraudsters. The victim then moved her cryptocurrency to fraudulent platforms, Honeycombapi.org and Alibarbit.bit, believing them to be legitimate. In total, 27 transactions involving Bitcoin, Solana, and Dogecoin were made. The funds were routed through multiple layers, mule accounts, and international exchanges, eventually reaching Gate Global Corporation in the Cayman Islands. Through blockchain analysis and international cooperation, the CID traced the transactions, secured a court order to recover the assets, and arrested eight suspects from India and abroad.
