Agra Police Arrest Mastermind Behind Crypto MLM Fraud Targeting 1,500 Investors

Agra | December 12, 2025:

Amid a surge in cyber-enabled investment scams in Uttar Pradesh, Agra Cyber Police have cracked down on a large-scale fraud operation built around a fake cryptocurrency and a multi-level marketing (MLM) network. The syndicate allegedly duped nearly 1,500 investors across Agra and nearby districts, siphoning off crores of rupees by promising extraordinary returns.

Police have arrested the alleged mastermind, Ajay alias Tipu, a resident of Amritpur in Aligarh, who is believed to have orchestrated the scheme along with six associates.

According to ADCP City Aditya Kumar, the accused fabricated an entirely fictional cryptocurrency, falsely projecting it as a US-based digital asset. The gang launched a professionally designed website and online platform where investor IDs were sold for ₹8,000 each. Victims were told that a coin initially priced at 25 paise would surge to 10 dollars within three years.

To gain credibility, the group released small “profits” to select early investors. These individuals were then encouraged to recruit others, creating a classic MLM-style expansion. As confidence grew, many victims invested larger sums, convinced by what appeared to be steady returns.

Investigators said the accused deliberately projected a lavish lifestyle to lure investors. Luxury cars, branded clothing and high-end gadgets were flaunted on social media to reinforce the illusion of financial success. Existing investors, believing the scheme to be genuine, unknowingly became promoters for the network.

Police estimate that around 1,500 people were cheated in Agra alone. Many victims invested life savings, sold jewellery or borrowed money after being assured of rapid wealth creation. In one tragic case, a woman from Karvana village died by suicide in 2024 after falling into severe financial distress linked to losses in the scheme. Her family’s complaint became a key trigger for the investigation.

During interrogation, Ajay reportedly admitted that the group had been operating for nearly five years, targeting victims across Uttar Pradesh, Rajasthan, Madhya Pradesh, Haryana and Delhi. Investigators believe the gang capitalised on the post-Covid cryptocurrency boom, exploiting public curiosity and limited understanding of digital assets.

Police described the operation as highly structured. A fake crypto coin and dashboard were created to record investor data. Commissions were offered for adding new members, while early payouts were staged to build trust. Once the desired scale was reached, the website, application and backend servers were abruptly shut down, and the accused fled with investor funds.

Such frauds often rely on complex money flows, shell accounts and layered transactions to conceal proceeds. Officials noted that tracing these financial trails requires detailed scrutiny - an area where auditing services in india play a critical role in uncovering diversion, misrepresentation and systemic financial abuse.

While Ajay remains in custody, six other accused — Narendra Sisodia, Shubham Sisodia, Gopal, Vinay, Vinod and Sachin Goswami - are still absconding. Police teams have been deployed across multiple districts to track them. Several mobile phones, digital devices and documents seized during the operation have been sent for forensic analysis.

Officials warned that crypto-linked frauds are rising sharply across Uttar Pradesh, driven by low financial awareness and the lure of quick returns. Citizens have been advised to avoid unregulated investment platforms, remain cautious of guaranteed profits and verify the legitimacy of any digital asset scheme before investing.