Police have arrested a man suspected of defrauding an employee of a private company out of Rs 19.7 crore by promising to sell them bitcoin.
Police identified the suspect as Priyesh Rao, Sheti, also known as Mukul, 34, from Karjat in Raigad district. His aide, Shabir Sheikh, 41, a businessman from Mira Road, Mumbai, was also arrested.
A 36-year-old man from Shaniwar Peth district filed the first informational report of the incident with Shivajinagar police station in March. Based on his complaint, the police charged Priyesh and Sujay Paul of Handewadi Road under Sections 419, 420, 506 and 34 of the Indian Penal Code.
About a year ago, the defendant met the victim in his office and promised to sell him bitcoin, according to the complaint. The defendant assured him that he would be given 3 bitcoins and through an online transaction he robbed him of Rs 19.7 lakh. But he never got bitcoin.
Police were able to obtain a photo of the suspect after a technical search of his cell phone number and other information. During further investigation, police tracked Mukul to Reygado, where he was arrested.
Police recovered 7 mobile phones, 10 SIM cards, 18 passbooks from different bank accounts, 8 debit cards and other materials from his possession. Police have also arrested Shabir Sheikh and a search is underway for the remaining suspects, police said.
