Rajasthan Police have apprehended a key suspect in a massive fraud operation that swindled investors out of crores through fake luxury car sales, cryptocurrency schemes, and deceptive social media promotions.
Key Points
- Rajasthan Police arrested Suresh Saini for his alleged involvement in a large-scale fraud involving luxury car sales and cryptocurrency investments.
- The accused, along with others, reportedly collected approximately ₹2 crore from around 82,000 people through a fraudulent website.
- The scammers launched 'HVT Crypto Coin' on social media, promising high returns and incentives for SUV purchases at discounted prices.
- Saini allegedly collected ₹3.78 crore from investors via social media promotions and digital transactions, and an SUV received as commission was seized.
- The funds collected were allegedly used for personal luxury, donations, and purchasing expensive vehicles.
Rajasthan Police's Special Operations Group (SOG) has arrested a man allegedly involved in a large-scale fraud that collected crores in funds from people under the pretext of luxury car sales, cryptocurrency and social media-based investment schemes.
Additional Director General of Police Vishal Bansal said that Suresh Saini (34), a resident of Bhopalgarh, Jodhpur, was taken into custody.
The investigation revealed that the main accused, Banshilal alias Prince Saini, in collusion with software developer Rajnish Kumar, created a website through which around 82,000 people invested approximately Rs 2 crore.
Subsequently, the accused established a company and made themselves and family members directors. The company launched the "HVT Crypto Coin" on social media platforms and promised high returns, including incentives to but SUVs at very low prices.
Saini, who worked as an agent, allegedly collected about Rs 3.78 crore from investors through social media promotions and digital transactions.
During the investigation, it was found that he also collected around Rs 3.5 crore from 56 people in rural areas by promising vehicles at discounted rates and facilitated further investments of Rs 28 lakh through company.
An SUV received as commission was seized by the police.
The ADG said that about 40 persons were induced to invest in the company through written agreements, and large-scale promotion was carried out on social media.
Details of the Fraudulent Scheme
In October last year, the accused organised the "Double Century Reward Ceremony" in Bhopalgarh. They announced the distribution of 250 SUVs and collected approximately 15 crore rupees from 251 individuals for this.
Bansal said that the funds collected were used by the accused for personal luxury, donations to social and religious organisations and purchasing expensive vehicles for personal use.
Saini, the main accused, Mamta Bhati and Dinesh Bagdi were arrested in December last year after a case was lodged in September 20.
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