India, Aug. 20 -- The cyber police station of Pimpri Chinchwad on Sunday arrested a gang which defrauded an individual of Rs.57.7 lakh with the lure of high returns on stock market investments. The accused withdrew the money, deposited by the victim in a bank account, in cash and converted it into cryptocurrency to avoid detection.

The arrested accused have been identified as Sahil Anwar Sayyed (22), a BBA student; Bhupendra Avtar Singh (34), a passport agent; and Sarfaraz Rafiq Sayyed (29), a garage owner; all residents of Kondhwa. They allegedly use their professional and personal bank accounts for such transactions, the police said.

The complainant, who works as an accountant in a private company, mentioned in his complaint that he w...