Amaravati, November 4, 2026 (Yes Punjab News)
The Andhra Pradesh Crime Investigation Department (CID) has uncovered a transnational cryptocurrency investment fraud involving approximately $1.5 million (nearly Rs 15 crore) and secured a court order directing the transfer of the traced assets back to the victim.
The case was registered at the CID Police Station in Mangalagiri after a woman from Tenali was allegedly duped into investing in cryptocurrency on the promise of high returns.
According to the CID, the investigation exposed an organised international cybercrime syndicate that allegedly moved the proceeds through multiple cryptocurrency wallets, trading platforms and mule accounts to conceal their origin.
Investigators found that the victim initially transferred funds from her bank accounts to 13 non-custodial cryptocurrency wallets, including one on Robinhood and 12 on-chain wallets. She was subsequently persuaded to transfer cryptocurrency to two fraudulent investment platforms, Honeycombapi.org and Alibarbit.bit.
A total of 27 transactions involving Bitcoin, Solana and Dogecoin, worth around $1.5 million, were made to the platforms. The funds were then routed through multiple accounts before reaching Gate Global Corporation, a cryptocurrency exchange based in the Cayman Islands, the CID said.
Using blockchain transaction analysis, technical investigation and international coordination, investigators traced 15 Bitcoin transactions to four accounts on the Gate.io exchange allegedly linked to the syndicate. The assets were frozen through judicial proceedings.
A court in Guntur has now directed Gate Global Corp. to convert the cryptocurrency held in the four identified accounts into USDT at the prevailing market value and transfer the entire converted amount to the victim’s designated cryptocurrency wallet.
The CID said eight accused have been arrested in connection with the case. They include two from Hyderabad, two from Maharashtra, one from Malaysia, two from China and one from Portugal. A charge sheet has also been filed before the competent court.
The investigation received technical assistance and coordination from the Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs.
The CID described the court order as a significant step in recovering proceeds of transnational cybercrime traced across international cryptocurrency platforms.
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