The Central Bureau of Investigation (CBI) has arrested three men for their alleged involvement in a cyber fraud syndicate that targeted senior citizens in the United States by posing as technology support personnel and directing victims to deposit money through Bitcoin ATMs.
According to The Indian Express, the syndicate allegedly operated from Punjab and Delhi, with fraudsters impersonating representatives of technology companies, financial institutions and law enforcement agencies to convince victims that their computers had been hacked and their bank accounts were at risk.
The investigation began after complaints from US victims reached authorities, prompting the CBI to register a case on July 27, 2026, under provisions relating to criminal conspiracy and cheating by personation under the Information Technology Act. Three accused, including alleged mastermind Saurabh Rana, were arrested in August.
Investigators said victims were persuaded to use Bitcoin ATMs to purchase cryptocurrency under the pretext of resolving computer security issues. The money was allegedly transferred through multiple cryptocurrency wallets before reaching accounts controlled by the accused and subsequently entering the Indian banking system.
The CBI told the court that a cryptocurrency account allegedly operated by Rana received 203.30 Bitcoins, valued at approximately $6.53 million at the time. Investigators also cited digital evidence, including WhatsApp chats and cryptocurrency transaction records, to establish the alleged links between the accused and the fraud.
Searches in Delhi, Ludhiana and Mohali led to the arrests and the seizure of around 30 digital devices, including mobile phones and laptops. The agency is examining the evidence and investigating the possible involvement of other individuals.
On September 22, a court rejected Rana’s bail plea, citing the seriousness of the allegations, the digital evidence recovered and the cross-border nature of the alleged fraud.
The investigation remains ongoing.
