Techie Transfers Crypto Currency Worth Rs 56 Cr By Changing Password, Arrested

26-year-old Shubhang Jain, an engineer was arrested in Mumbai on charges of transferring crypto-currency worth Rs 56 crore from a company's account by changing its password.

Bengaluru (Karnataka):A 26-year-old former employee of a Bengaluru-based company, who changed the password and fraudulently transferred cryptocurrency worth Rs 56 crore from the firm's account was arrested by the CID cyber crime department of Karnataka Police, officials said on Tuesday.

Based on a complaint filed by the company's CEO, a case was registered against him at the Subramanyanagar police station. Akhil Gupta, CEO of Cyper Technologies Pvt Ltd had complained against an ex-employee, Shubhang Jain, a native of Haryana, they added.

The Karnataka Police said Jain has got bail from the court after being remanded to judicial custody. According to the police, the accused worked as a crypto marketing executive at the company.

"A year after joining, he changed the password of the company's cryptocurrency account without informing the management. The CEO complained of a fraudulent transfer of Rs 56 crore worth of crypto-currency from the company's account. After this, a team led by Inspector Shivprasad arrested the accused in Mumbai," officials added.

It is understood that Jain pursued engineering at the Vellore Institute in Tamil Nadu and then joined the company in 2021.

"He allegedly transferred money illegally to family members and friends. He had lent lakhs of rupees to some friends through the crypto wallet. While working in the company, Jain stayed in the HSR layout here and after quitting the job, he stayed in Ahmedabad. Later, he shifted to Mumbai due to the fear of arrest. Acting on a tip-off, police arrested him in Mumbai," they added.

According to officials, the bank account of the accused has been blocked and information is being collected from crypto wallets about the transactions and the persons to whom the amounts were transferred.

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