The Cyber Crime unit of the Felony Investigation Division (CID) on Tuesday introduced the arrest of a 26-year-old software program engineer who allegedly siphoned cryptocurrency worth Rs 56 crore from a Bengaluru firm.
In accordance with the police, the arrested man has been recognized as Shubhang Jain, a Haryana resident who labored as a software program developer at Cipher Applied sciences Personal Restricted. They stated Jain, who had entry and management of all the corporate wallets, allegedly siphoned cryptocurrencies and transferred them to non-public wallets.
A police officer stated, “He labored with the corporate between Might 2021 and April 2022 and handled market analytics and finance. The employer had given entry to Jain to handle the enterprise. When the proprietor of the firm observed that the cryptocurrencies had been lacking, the corporate’s CEO Akhil Gupta filed a grievance with the Subramanyanagar police on April 28, 2022”.
The case was transferred to the Cyber Crime Unit of CID. A police officer who was a part of the investigation stated Jain was exceptionally expert in cryptocurrency buying and selling and associated actions. “Jain had transferred the cryptocurrencies to his relations’ wallets and later had even withdrawn cash. He used to dwell in luxurious inns and lived a low profile. As he moved from place to put, the police had been unable to trace his actions,” stated the officer.
The police acquired a lead on July 29 this yr after they skimmed by way of the decision log of the quantity and located many of the calls had been made to deal with brokers. Nevertheless, it took greater than a month to nab Jain because the police had been ready for him to modify on his cell phone. They arrested Jain from Mumbai.
The police stated Jain, a BTech graduate from an engineering school in Vellore, met Cipher house owners on a Telegram group and attended interviews to get the job.
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