E-Paper
Fake virtual coin scam kingpin nabbed in Lucknow
He duped thousands of investors by promising guaranteed profits and attempted to convert the money into cryptocurrency; defrauded amount estimated at ₹150 crore, say officials
LUCKNOW The UP Special Task Force (STF) on Friday arrested Sameer Keshari, the kingpin of a gang that allegedly orchestrated a massive fraud involving a fake virtual currency, Ruby Coin. He duped thousands of investors across the country by promising guaranteed profits and then attempted to convert the money into cryptocurrency and flee the country, said officials.
Keshari, a resident of Dwarka in Delhi, originally hailing from Malda in West Bengal, had been living in Sushant Golf City, Lucknow. He was apprehended near Gol Chauraha, close to HCL IT City in Lucknow. The police seized several items from him, including a laptop, a phone, passport, PAN card, Aadhaar card, and other important documents.
The scam involved Keshari raising funds from thousands of investors by promoting Ruby Coin. To make it appear legitimate, he displayed forged licenses of various global virtual currency exchanges. The total defrauded amount is estimated to be around ₹150 crore.
According to DySP (STF) DK Singh, Keshari’s arrest followed detailed information and a swift raid with the help of Lucknow police.
“The scam unfolded gradually, with Keshari luring unsuspecting investors from various states into investing in Ruby Coin. He assured them their capital was safe and promised lucrative returns. Investors were told they could withdraw their funds after three years and, in the meantime, receive complimentary tour packages as an added incentive,” the DySP said.
Over a period, investors’ balances disappeared, and when they raised queries with Keshari, he gave excuses like server updates or delay in payments, he said.
The officer said Keshari’s operations included a fake coin exchange, CTS Cola, supposedly headquartered in Dubai, but locally controlled by Keshari through a server he managed. Investors received false account balances on the Ruby Coin website, with no actual backend exchange system.
“Upon interrogation, it was revealed that Keshari had worked in Kolkata for Angela Agrotech Company before being jailed in Durg, Madhya Pradesh, for fraud in 2016. After his release, he moved to Raipur, Chhattisgarh, where he launched Ruby Coin and began expanding his operations,” the officer added.
Keshari planned to escape to Dubai by converting stolen funds into cryptocurrency, but was apprehended.
