Bengaluru Software Engineer Arrested for Allegedly Stealing Cryptocurrency Valued at ₹56 Crore

In a significant development, the Cyber Crime unit of the Criminal Investigation Department (CID) has arrested a 26-year-old software engineer, Shubhang Jain, for allegedly embezzling cryptocurrency worth ₹56 crore from a Bengaluru-based firm, Cipher Technologies Private Limited.

Jain, a resident of Haryana, was employed as a software developer at the company and had full access to its cryptocurrency wallets. Reports indicate that he siphoned off the digital assets and transferred them to private wallets, exploiting his position within the organization.

According to police sources, Jain was employed at Cipher Technologies from May 2021 until April 2022, where he was responsible for market analytics and finance. The fraudulent activities came to light when the company’s owner, Akhil Gupta, reported the missing cryptocurrencies to the Subramanyanagar police on April 28, 2022. Following this, the case was handed over to the CID’s Cyber Crime Unit for further investigation.

Investigators revealed that Jain was highly skilled in cryptocurrency trading and had been using his expertise to manipulate the system. He allegedly transferred the stolen cryptocurrencies to wallets belonging to his relatives and subsequently withdrew significant amounts of money. Despite his illicit activities, Jain maintained a low profile, residing in luxury hotels and frequently changing locations, which made it challenging for law enforcement to track him down.

The breakthrough in the case came on July 29, when investigators analyzed Jain’s call logs, discovering that he had been in contact with various house brokers. However, it took over a month for the police to apprehend him, as they were waiting for him to activate his mobile phone. Ultimately, Jain was arrested in Mumbai.

Jain is a BTech graduate from a prestigious engineering college in Vellore and reportedly connected with the owners of Cipher Technologies through a Telegram group before securing his position at the firm.

Stay updated with the latest news by joining The Indian Express on WhatsApp.