‘Tip of the iceberg’: How scammers used identity of farmers, delivery boys and others for a crypto scam worth Rs 170 cr

TOI revealed an amazing trace of crypto money transactions allegedly carried out using the identities of non -suspicious citizens, the external investigation unit of the Income Tax Department in Haydarabad.

The Probe was launched after marking 20 suspects of the Central Tax Board (CBDT). Since then, the authorities have been visiting the distant villages in TaLangana and Andhra Pradesh to verify the trade. The investigations so far have confirmed nine cases including a total of 170 RS of crypto transactions.

One of the most striking findings appeared in the village of Mirddidi of the Siddipet region of TaLangana. Researchers waiting to face a large crypto investor accused of buying digital assets worth 9.5 RS in Binance, instead, met Sarasimha, a farmer working in the paddy field, and did not know that his identity was connected to such a large process.
Im I have no idea about it, dedi he said to the authorities that they were convinced that the identity of the researchers was abused as he turned to his field.

In another case, the Inspectors found that Shiva Pamula, a food distribution worker from Khamam Rural Mandal, was listed that 8.5 RS of Crypto trade. In fact, it works for a delivery platform and lacks resources to make such investments.

Authorities are now suspected of a broader network of identity theft, where the citizens’ pan cards and personal details are undoubtedly used to hide high -valuable crypto money transactions. The probe, Which Covers Hyderabad, SiddiPET, Khammam, Jagtial, Sattupalli, and Vijayawada, Has So Far Revealed That All Indivials Linked to Lord to the Income Tax Returns-Further Reinforming Theory of Stolen Oory Of Stolentities Rather Than Genuine Investments.Among The Standout Casses, Investigators Found a Water Plant Worker from Lalaguda in Hyderabad Linked to RS 34.7 CRORE PROCESS, a farmer from Sattupalli 31 RS operations of a farmer and a visakhapamnam. 19.6 Crore is worthy of operations.

Authorities warned that nine confirmed cases could only be the “tip of the iceberg”. In the rapidly growing digital currency industry, it makes efforts to monitor the arrangement of rackets that increase concerns about security and fraud.