Panchkula: Man denied bail in ₹9.68-cr cryptocurrency fraud case
The case originated from a complaint by Lalit Singla, a jeweller, who was duped of ₹9.68 crore after joining a fake WhatsApp trading group and investing via a fraudulent site, VIYAKAE.com
A local court has dismissed the bail plea of Patiala resident Mustak Mohamed, 20, jailed in Ambala for his alleged role in a ₹9.68 crore cryptocurrency fraud from 2023.
This was his second bail attempt. The case originated from a complaint by Lalit Singla, a jeweller, who was duped of ₹9.68 crore after joining a fake WhatsApp trading group and investing via a fraudulent site, VIYAKAE.com.
Police investigations revealed WhatsApp chat details and bank records, leading to the freezing of ₹2.05 crore of the defrauded amount, which was later released to the complainant following court orders.
During probe, police found ₹38 lakh were routed to Mohamed’s account, leading to his arrest, along with co-accused Jatin Jindal, who operated the account.
Their disclosures led to the recovery of mobile phones, SIM cards (one registered in Mohamed’s name), fake stamps, and ₹1.3 lakh in cash.
Investigation also revealed a network of 15 primary and 700 secondary bank accounts used to withdraw the defrauded money.
Taking note of 23 similar complaints nationwide linked to his account and rising prevalence of such cybercrimes, the court concluded that granting bail to Mohamed at this stage was not appropriate and subsequently dismissed his plea.
.
.
