Online Scam Alert: CBI seizes $930,000 in cryptocurrency in Ahmedabad! Know 7 tips to stay safe

In a recent case of online fraud, the Central Bureau of Investigation (CBI) has taken action against a man from Ahmedabad who swindled a US citizen by pretending to be a senior executive from a big company's fraud department. It is alleged that Ramavat Shaishav used fake identities to deceive the victim to part with their cryptocurrency.

Based on information from the United States' Federal Bureau of Investigation (FBI), the CBI has started an investigation against Shaishav. He posed as "James Carlson" from Amazon's fraud department and contacted the US citizen over the phone, PTI reported.

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Cryptocurrency Seized

When the CBI conducted searches, they discovered that Shaishav had 28 Bitcoin, 55 Ethereum, 25,572 Ripple, and 77 USDT in his e-wallet. These cryptocurrencies were seized and transferred to the government's wallet.

Shaishav convinced the victim that there were fraudulent activities happening on his Amazon account, and that even his social security number was being used to create fake accounts on the e-commerce platform. To make the victim believe him, Shaishav told the victim to withdraw money from his bank accounts and convert it into Bitcoin using a RockitCoin ATM Wallet. He even provided a QR code, falsely claiming it was linked to the US Treasury.

In order to gain the victim's trust, Shaishav sent a fake letter dated September 20, 2022, supposedly issued by the US' Federal Trade Commission.

Financial Loss for the Victim

As a result of this manipulation, the victim withdrew $130,000 from his bank accounts on various dates between August 30, 2022, and September 9, 2022. He then deposited this money into the Bitcoin address provided by Shaishav, who misappropriated the funds.

The CBI searches at Shaishav's residence in Ahmedabad led to the recovery of cryptocurrencies (Bitcoin, Ethereum, Ripple, USDT, etc.) worth approximately $939,000 from his digital wallets. CBI also found other incriminating evidence.

During the investigation, it was revealed that two individuals in Ahmedabad were involved as accomplices of Shaishav. The CBI also searched their premises and seized mobile phones, laptops with incriminating material, and other digital devices.

Ways to Prevent Such Frauds: How to Stay Safe

1. Be cautious of unsolicited calls: If someone you don't know contacts you claiming to be from a reputable company or even from the government, be wary and don't share personal or financial information.

2. Verify identities: Ask for official identification and contact details, and independently verify the person's identity if you have any doubts.

3. Don't rush: Scammers often pressure victims into making quick decisions. Take your time to think things through and verify the information.

4. Don't share sensitive information: Never give out personal information like social security number or financial details to unknown individuals.

5. Be skeptical of unsolicited emails or letters: Check the legitimacy of communication from official organizations independently.

6. Report suspicious activity: If you suspect fraud, report it to your local law enforcement agency or cybercrime authorities.

7. Educate yourself: Stay informed about common fraud tactics to better protect yourself from online scams.