10 arrested in UP for laundering cyber fraud funds to cryptocurrency for Chinese gang

The Cyber Crime group of Uttar Pradesh Police has arrested ten people from Lucknow, Gonda, and Raebareli for allegedly laundering cash on behalf of a Chinese cyber fraud gang by changing it into cryptocurrency.

The arrests had been made following an investigation into digital fraud operations with worldwide connections.

In accordance to officers, the accused had been a part of a community that facilitated monetary transactions for the Chinese gang. The gang defrauded individuals via numerous on-line scams and routed the illegally obtained funds via a number of financial institution accounts. These accounts had been organized by the arrested people, who then used the cash to buy cryptocurrency and switch them again to the gang after deducting a fee.

In accordance to investigators, almost Rs 75 to 80 lakh had been transferred by the accused people to the Chinese gang in the final two months.

Among the many ten individuals taken into custody, two have agreed to cooperate with the authorities and have been made authorities witnesses. The remaining people have been booked and despatched to judicial custody.

All had been immediately concerned in coordinating with the Chinese gang, buying financial institution accounts, managing digital transactions, and profiting via commissions on every switch.