Cryptocurrency Con: Pune Duo Arrested for Defrauding Businessman of Rs 1.57 Crore
Kondhwa, 26th November 2023: Two siblings are now in the custody of cyber police for allegedly defrauding a former businessman of Rs 1.57 crore.
Posing as tax consultants, Pavankumar Tatvedi and his brother Pankajkumar convinced the retired businessman to invest in cryptocurrency with promises of substantial returns.
The duo, residing in Undri, seized the cryptocurrency from the victim’s e-wallet while he was in Dubai. Detained with two mobile phones, three SIM cards, Dubai identity cards, and euros worth Rs 36,000, the brothers operated a tax consultation office from their home.
Despite their Dubai base, they frequently traveled between the UAE capital, Jodhpur, and Pune. Arrested and remanded until December 1, their fraudulent activities involved transactions with citizens of Pakistan.
The police used blockchain tracking to trace the fraud back to Dubai, leading to the arrest of both brothers.
