Man held for ₹384 crore cyber fraud at Bengaluru cryptocurrency trading company

The complaint stated that an unidentified individual hacked into the crypto wallet of the company.

Published on: Jul 30, 2025, 22:08:35 IST

By HT News Desk

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A 28-year-old man was arrested in connection with an alleged cyber fraud at a cryptocurrency trading platform which led to a loss of ₹384 crore, the police said on Wednesday.

The hacker transferred cryptocurrency worth USD 44 million (approximately ₹384 crore) to an unknown wallet. (Representational)

The complaint stated that an unidentified individual hacked into the crypto wallet of Neblio Technologies Private Limited on July 19 and transferred cryptocurrency worth $44 million (approximately ₹384 crore) to an unknown wallet, according to PTI news agency.

The complaint was lodged by Hardeep Singh, vice-president (public policy and government affairs) of the company.

After the transfer, the assets were then moved to six different unknown wallets, PTI quoted police.

Arrested man worked at the crypto trading platform

The man, identified as Rahul Agarwal, who has been taken into custody by the police for further questioning, was an employee of the company, a senior police officer said.

The FIR filed by the company's vice-president, Singh, stated that an internal investigation at the firm had found that Agarwal's laptop had been compromised.

Following this, Agarwal was arrested and during questioning, admitted to doing a part-time job for the past year, which had earned him around ₹15 lakh.

Agarwal also revealed that he had been using the company-issued laptop for the part-time job. This was in violation of the company policy, Singh said.

In the complaint, the company's vice-president stated that he suspected that Agarwal might have “colluded” with the accused person to help him carry out the hacking.

A company official declined to comment on the matter, stating that the matter was under investigation.

A case was registered at the Whitefield CEN police station on July 22 based on Singh's complaint under relevant sections of the Information Technology Act and the Bharatiya Nyaya Sanhita. The sections include charges of theft, cheating by impersonation, and criminal breach of trust.

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