An Indian man named Ramavat Shaishav has been accused of cheating a US citizen out of cryptocurrency worth over $930,000 (around Rs 7.7 crore). The Central Bureau of Investigation (CBI) has seized cryptocurrency worth over $930,000 from the accused, who is based in Ahmedabad.

The accused is alleged to have posed as "James Carlson" from the fraud department of Amazon and contacted the US citizen via email. He told the US citizen that his Amazon account had been compromised and that they needed to transfer their cryptocurrency to a secure wallet.

The US citizen apparently transferred 28 Bitcoin, 55 Ethereum, 25,572 Ripple and 77 USDT in Shaishav's e-wallet, which later disappeared, CBI said.

The CBI registered a case against the accused and launched an investigation. They traced the accused's IP address and identified him. They then raided his home and seized cryptocurrency worth over $930,000.

"It was also alleged that the accused induced the victim to withdraw cash from his bank accounts and deposit the same in Bitcoin in the RockitCoin ATM Wallet, and also shared a QR code falsely informing him (the victim) that the same was opened by the US Treasury for him," PTI quoted Central Bureau of Investigation's (CBI) spokesperson as saying.

To earn the victim's trust, Shaishav allegedly e-mailed a fabricated letter dated September 20, 2022, purporting to be issued by the US Federal Trade Commission.

"In pursuance of the said inducement, the victim allegedly withdrew an amount of $130,000 from his bank accounts on different dates during the period August 30, 2022, to September 9, 2022, and deposited the same in the Bitcoin address provided by the accused," PTI quoted the official as saying.

This amount was allegedly misappropriated by Shaishav.  "Searches were conducted at the premises of the accused in Ahmedabad which led to the recovery and seizure of cryptocurrencies viz, Bitcoin, Ethereum, Ripple, USDT, etc. worth $939,000 (approximately) from the crypto wallets of the accused, and incriminating material," the spokesperson said.

Two of Shaishav's accomplices, both of whom live in Ahmedabad, have been identified. The CBI also inspected their facilities, resulting in the confiscation of mobile phones, laptop computers holding incriminating evidence, and other digital devices.

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