Pune: Pimpri-Chinchwad Cyber Police Arrest Three for ₹57.70 Lakh Cryptocurrency Scam
The Pimpri-Chinchwad Cyber Police have arrested three individuals involved in a cryptocurrency scam that defrauded a man of ₹57.70 lakh. The suspects, all residents of Kondhwa, Pune, have been booked under various sections of the Indian Penal Code and the Information Technology Act.
Cryptocurrency ScamPimprichinchwadCyber PoliceFraudBank Of MaharashtraReal Estate MaharashtraAug 18, 2025
Sahil Anwar Syed (age 22), Bhupendra Awtar Singh (age 34), and Sarfaraz Rafiq Syed (age 29), all residents of Kondhwa, Pune, have been arrested. They have been booked for fraud and other crimes under the relevant sections of the Indian Penal Code of 2023 and the Information Technology Act of 2000.
Deputy Commissioner of Police (Crime) Dr. Shivaji Pawar stated that an accountant working in a private company reached out to the Cyber Police and complained about being duped of ₹57,70,670. The victim had invested his money in the Abbott Wealth App, believing he was investing in cryptocurrency. He was shown profits worth ₹5.15 crore. Police officials said that whenever he tried to withdraw money, he was asked to pay additional charges. Realizing he was duped, he lodged a complaint with the Cyber Police Station.
Once the complaint was registered, the police began tracing the money. A Bank of Maharashtra account in the name of Maruf Real Estate was identified. The account owner, Saheblal Maruf, a resident of Kondhwa, was interrogated. With the help of local police, investigators determined that Sahil Syed, Bhupendra Singh, and Sarfaraz Syed were behind the crime. They were detained and had used the money to buy cryptocurrency named USDT. From their bank account, ₹11.93 lakh has been seized. A total of seven cases have been filed against this account.
DCP Dr. Pawar mentioned that all the accused are educated men: Sahil Syed is a BBA student, Bhupendra Singh is a passport agent, and Sarfaraz Syed works in a garage. They are also accused of helping filmmaker Shivam Balkrushna Sanvatsarkar, who was arrested a few weeks ago. Police Inspector Ravikiran Nale, in charge of the Cyber Police Station, is investigating the matter further. The accused are currently under police custody.
The action was conducted under the guidance of Pimpri-Chinchwad Commissioner of Police Vinoy Kumar Choubey, Joint Commissioner of Police Dr. Shashikant Mahavarkar, Additional Commissioner of Police Vasant Pardeshi, DCP Dr. Shivaji Pawar, and Assistant Commissioner of Police Dr. Vishal Hire.
The Cyber Team, led by PI Ravikiran Nale, included Assistant Police Inspector Pravin Swami; Police Sub-Inspectors Vaibhav Patil, Sagar Poman, Rohit Dolas, Prakash Katkade, and Vidya Patil; and Police Constables Deepak Bhosale, Vinayak Mhaskar, Suraj Shinde, Abhijeet Ukirde, Praveen Shelkande, Nitesh Bichewar, Atul Lokhande, Madhav Arote, Shivaji Bansode, Sopan Bodhwad, Santosh Sapkal, Deepali Chavan, Vaishali Barge, and Bhavika Pradhan.
Frequently Asked Questions
What was the total amount of money defrauded in this scam?
The total amount of money defrauded in this scam was ₹57,70,670.
Who are the three individuals arrested for the cryptocurrency scam?
The three individuals arrested for the cryptocurrency scam are Sahil Anwar Syed, Bhupendra Awtar Singh, and Sarfaraz Rafiq Syed.
What app was used to defraud the victim?
The victim was defrauded through the Abbott Wealth App.
How much money was seized from the bank account of the accused?
₹11.93 lakh was seized from the bank account of the accused.
What are the professions of the accused individuals?
Sahil Syed is a BBA student, Bhupendra Singh is a passport agent, and Sarfaraz Syed works in a garage.
Related News Articles
Sameera Group Invests Rs 500 Crore in Senior Living Initiative in South India
Real estate developer Sameera Group earmarks ₹500 crore to set up 1
Sunteck Realty Witnesses 30% Slump in Sales Bookings for Q1 FY25
The real estate developer reported a decline in sales bookings to Rs 502 crore, despite a 29.7% year-on-year growth, amidst strong housing demand.
The Rise of Flex Spaces: Revolutionizing the Indian Office Landscape
India witnesses a surge in adoption of flexible office spaces, driven by changing workplace dynamics and corporate strategies.
Roadway Solutions Gains Major Boost with Rs 47 Billion LOA for MSRDC Projects
In a significant development for the infrastructure sector, Roadway Solutions has secured a Letter of Award (LOA) worth Rs 47 billion for key projects under the Maharashtra State Road Development Corporation (MSRDC). This move is expected to accelerate th
Musi River Rejuvenation to Boost Real Estate Sector: Kishan Reddy
Kishan Reddy, the Union Minister of State for Road Transport and Highways, has stated that the rejuvenation of the Musi River will significantly benefit the real estate sector in Telangana.
Staffer of Harish Rao Among Three Held for Illegal Surveillance of Real Estate Agent
Police have arrested three individuals, including a staffer of Harish Rao, for allegedly conducting illegal surveillance on a real estate agent. Further investigation is in progress.