POLICE have arrested a 22-year-old youth for allegedly cheating investors by running a fraudulent investment consultancy under the guise of cryptocurrency trading and promising guaranteed monthly returns. The accused collected approximately Rs 3.08 crore from 76 investors by offering lucrative returns. According to police, the accused has been identified as Hardik Kudeshiya (22), a resident of Shanti Nagar, Bhilai.

 

The accused was operating an office named “Finance Up Investment Consultancy” near Agrasen Chowk in Nehru Nagar, Bhilai, where he lured investors by offering 6 percent monthly profit through cryptocurrency trading. The case came to light following a complaint lodged on October 9, 2025, by an investor who stated that he had met the accused in March 2025. Claiming to be a professional trader, the accused persuaded the complainant to invest money by assuring consistent returns. Acting on this assurance, the complainant invested Rs 20 lakh through online transfers and cash deposits into bank accounts belonging to the accused and his father. Subsequently, the complainant’s father also invested Rs 4 lakh in the bank account of the accused’s mother.

 

The investors initially received monthly returns from April to October 2025. Payments stopped in November 2025. When the investors visited the consultancy office, they found it closed and later learned that the accused had allegedly fled after collecting money from multiple investors. Preliminary investigation revealed that the accused had opened the consultancy in 2024 and executed agreements with investors promising fixed monthly returns. He reportedly collected funds through bank transfers and cash deposits into accounts held with Bank of India, HDFC Bank, and IndusInd Bank. The police investigation further revealed that the accused used the Binance mobile application to convert Indian currency into US dollars and conduct cryptocurrency trading.

 

The profits were allegedly converted back into Indian currency and transferred to his personal bank accounts. During initial phase, a portion of the profits was distributed to investors and associates to maintain trust, while the principal amount was retained by the accused. Investigations have also revealed that the accused collected approximately Rs 3.08 crore from 76 investors by offering lucrative returns. Records of transactions were maintained on his laptop, while trading activities were conducted via his mobile phone. During the operation, police seized an iPhone 16 Pro, a Victus laptop, a currency counting machine, investor agreements, and other relevant documents.