In a significant breakthrough, the Maharashtra Cyber Police have arrested a cryptocurrency trader for his role in laundering funds tied to a multi-crore cyber fraud.
The case highlights how cybercriminals are increasingly using crypto assets to hide stolen money, making it harder to trace and recover.
The WhatsApp Boss Scam: How It All Started
The scam began when fraudsters impersonated the Managing Director (MD) of an electronics company using WhatsApp.
They contacted the company’s accountant, urgently requesting fund transfers that seemed legitimate at first glance.
Between April 10 and April 15, 2025, the accountant transferred ₹95 lakh each to two fraudulent companies—PR Education & Immigration Pvt Ltd and AK Infra—bringing the total to ₹1.90 crore, before authorities intercepted and halted a third transfer of ₹90 lakh just in time.
Money Laundering Through 13 Layers and 34 Accounts
What followed was a complex laundering process. The fraudsters moved the stolen funds through 13 stages and 34 bank accounts to obscure the money trail.
They then converted a portion into cryptocurrency, specifically USDT (Tether), using platforms like Binance—a popular hub for cross-border crypto transactions.
This tactic makes the money harder to trace, as blockchain transactions can span across global jurisdictions, often involving peer-to-peer networks and decentralized exchanges.
Who Is Suraj Dahiya? The Man Behind the Crypto Trail
Investigators traced ₹19 lakh to a Punjab National Bank (PNB) account in Noida, routed it through the fintech platform Spice Money, and identified Suraj Surender Dahiya—a 27-year-old crypto trader from Sonipat, Haryana—as the recipient. They arrested him in Mahape, Navi Mumbai.
He allegedly helped in converting the laundered money into digital assets and is suspected to have retained a portion for personal gain. During questioning, Dahiya provided misleading statements, indicating possible ties to a larger cybercrime syndicate.
Meanwhile, the cybercriminals quickly began layering the funds across multiple accounts. Eventually, they moved the money through 13 stages and 34 bank accounts. Furthermore, to make tracking even more difficult, they converted a portion into cryptocurrency via Binance. In the end, this complex trail was designed to conceal their activities and avoid detection by law enforcement.
Legal Action and Investigation in Progress
Dahiya has been booked under several sections of the Bharatiya Nyaya Sanhita for cheating, forgery, and breach of trust, along with Sections 66C and 66D of the IT Act—laws related to digital impersonation and fraud.
The Maharashtra Cyber Police believe this is just the tip of the iceberg and are investigating deeper connections to syndicates operating out of Haryana, Uttar Pradesh, and international crypto exchanges.
Why It Matters: Lessons for Businesses and Investors
This case is a wake-up call for businesses and individuals alike. It highlights the growing trend of cybercriminals exploiting cryptocurrency as a tool for money laundering. Key takeaways include:
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Always verify high-value fund requests, especially those received via informal channels like WhatsApp or email.
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Ensure your company has internal controls and multi-level approval systems for payments.
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Fintech and crypto platforms must strengthen KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols to prevent misuse.
Final Thoughts:
The arrest of Suraj Dahiya underscores that law enforcement is evolving to tackle digital threats—and that crypto crime is far from invisible. Awareness, vigilance, and timely verification can help protect both individuals and businesses from falling prey to such scams.