The Cyber Crime unit of Bengaluru in India, Criminal Investigation Department (CID) arrested Shubhang Jain, a 26-year-old software engineer, for allegedly stealing cryptocurrency worth $6.67M (Rs. 56 crores) from his former employer, Cipher Technologies Private Limited.
Jain, who lived in Haryana, India, worked for Cipher Technologies as a software developer from May 2021 to April 2022. During this time, he had access to all the company’s cryptocurrency wallets. Authorities say Jain used this access to siphon off the cryptocurrency and transfer it to his personal wallets, according to The Indian Express.
The theft came to light when the company’s CEO, Akhil Gupta, noticed the missing funds and filed a complaint with the Subramanyanagar police on April 28, 2022. The case was later transferred to the CID’s Cyber Crime Unit.
Investigators revealed that Jain, who had expertise in cryptocurrency trading, moved the stolen funds to wallets belonging to his relatives and subsequently withdrew the money. He led a lavish lifestyle, staying in luxury hotels and maintaining a low profile, which made tracking him difficult.
The breakthrough came on July 29 this year when police analyzed Jain’s call logs, which revealed frequent contacts with real estate brokers. After more than a month of surveillance, they managed to arrest Jain in Mumbai after he turned on his mobile phone.
Jain, a BTech graduate from a Vellore engineering college, had connected with Cipher Technologies through a Telegram group and went through interviews to secure his job.
This arrest marks a significant step in recovering the stolen funds and underscores the need for vigilance in handling digital assets.
Also Read: Indian State Himachal Sees Crypto Scams Of $238M (Rs 2,000 Crore) in 3 Years: CM
