VIJAYAWADA: The AP Crime Investigation Department (CID) has cracked a transnational cryptocurrency investment fraud involving approximately USD 1.5 million (nearly Rs 15 crore), marking the first such breakthrough by the agency in the State.
AP CID chief Ravishankar Ayyanar said the CID team had traced the defrauded cryptocurrency to international exchange accounts, arrested eight accused and secured a court order for the return of the assets to the victim. A case (Cr No. 10/2025) was registered at the CID police station in Mangalagiri following a complaint by a Tenali-based woman who was cheated of `15 crore after being lured into investing in cryptocurrency with promises of high returns.
It revealed an organised international cybercrime syndicate that routed the proceeds through multiple cryptocurrency wallets, mule accounts and international platforms to conceal the money trail.
The victim had initially transferred funds from her bank accounts to 13 non-custodial cryptocurrency wallets, including one on Robinhood and 12 on Onchain. At the instance of the accused, she subsequently transferred cryptocurrency to two fraudulent investment platforms, Honeycombapi.org and Alibarbit.bit.
“A total of 27 transactions involving Bitcoin, Solana and Dogecoin, worth approximately USD 1.5 million, were made to these platforms. The proceeds were later routed through multiple layers before reaching Gate Global Corporation, a cryptocurrency exchange based in the Cayman Islands.
Through blockchain transaction analysis and international coordination, the CID traced 15 Bitcoin transactions to four accounts on the Gate.io exchange and identified assets linked to the accused. The assets were frozen through judicial proceedings,” Ravishankar explained.
