Conmen Arrested for Crypto Fraud in Bengaluru

When a cab driver, a junk dealer, a cum painter, and a mechanic from Bengaluru got roughly Rs 3 crore in their bank accounts, they assumed their aspirations of being wealthy overnight had come true. The money was their pay for joining the ‘board of directors’ of the cryptocurrency corporation ‘ShareHash.’

However, the same board of directors is now serving time in prison on charges of defrauding tens of thousands of investors under the guise of a greater rate of interest. Sheetal Bastawad of Belagavi, cabbie Imran Riyaz of Gurappana Palya, two-wheeler mechanic Rehamatulla Khan and scrap dealer cum painter Zabiulla Khan, both of BTM Layout II stage, have been detained so far. All of the defendants are in their late twenties.

Sleuths from the Central Crime Branch (CCB) are now on the lookout for two ‘founding directors’ of ‘ShareHash,’ identified as ‘Jimmy and Stacy,’ who have gone missing.

After approaching Sheetal Bastawad on social media, Jimmy and Stacy offered him the position of “business secretary” with a salary of roughly Rs 1 lakh plus commission. Sheetal was contacted by the other three defendants after they acquired his phone number via SMS or email.

The local police commissioner, speaking at a press conference, claimed the founders of ShareHash enticed investors with bulk text messages and emails promising that their money will be invested in the Crypto Currency firm. Investors were instructed to download the ‘ShareHash’ app and begin investing immediately.

“Accused offered a daily return of Rs 29 for a Rs 3,000 investment and Rs 49 for a Rs 5,000 investment for a daily return of Rs 29.” In the first week of November 2021, the company began operations. Because regular payments were paid to investors, ShareHash quickly gained public trust, and by the end of December 2021, there were more investors. At the same time, the accused made another offer, claiming that anyone could establish their own bitcoin firm for Rs 42,000 in exchange for providing the necessary equipment,” he stated.

There were more than 100 ‘ShareHash’ Whatsapp groups, each with more than 200 members.