Kolkata: The Kolkata Police has dismantled a cryptocurrency fraud network, recovering a whopping Rs 2.1 crore. The money, swindled from digital scam victims, was traced to multiple cryptocurrency accounts and cash stashes.

On Friday, the city’s detective department confirmed the recovery, marking one of their largest operations against crypto-related fraud. Of the total amount, Rs 1.3 crore was seized from four cryptocurrency accounts operated through a Cayman Islands-based exchange. The remaining Rs 74 lakh had been confiscated earlier from the home of Utpal Sikdar, one of the accused, in Krishnagore.

The investigation gained momentum after police analyzed mobile phones and laptops seized from the accused. “We discovered a significant portion of the stolen money was stored in Binance Wallets belonging to the three suspects under custody,” said Joint CP (Crime & Traffic) Rupesh Kumar. Acting swiftly, the police contacted the overseas crypto exchange, requesting the wallets be blocked. A court order was also issued to secure the funds.

The case dates back to December 2024, when Kolkata Police raided locations in Goa and Mumbai, arresting two individuals linked to a Rs 66 lakh digital scam. In January, three more suspects were nabbed from Baguiati and Krishnagore, who police allege masterminded the fraudulent cryptocurrency scheme. To date, seven individuals have been arrested.

This operation highlights the growing threat of cryptocurrency-related crimes and the challenges of tracking funds across international borders. By leveraging technology and legal avenues, Kolkata Police has sent a strong message to cybercriminals. The recovery of Rs 2.1 crore is both a victory for law enforcement and a warning for fraudsters exploiting digital platforms.