Bengaluru Software Engineer Arrested for Misappropriating ₹56 Crore in Cryptocurrency from Former Employer

In a significant case of financial fraud, a 26-year-old software engineer named Shubhang Jain was apprehended in Bengaluru for allegedly misappropriating cryptocurrency valued at ₹56 crore from a local cryptocurrency management firm where he was previously employed. The arrest was made on Wednesday, as confirmed by police authorities.

Jain, originally from Haryana, reportedly had full access to the company's cryptocurrency wallets. It is alleged that he exploited this access to change account passwords and subsequently transferred the digital currencies to wallets he created under false identities. This fraudulent activity came to light during a routine company audit.

The police revealed that Jain had been evading capture for nearly two years, having fled to Mumbai after executing the fraud. During the investigation, it was uncovered that between May 2021 and April 2022, he transferred cryptocurrencies from the company's wallet to accounts belonging to himself, his family, and friends, all of which were established to obscure the trail of the misappropriated funds.

After receiving actionable intelligence, law enforcement officials tracked Jain down in Mumbai, where he was employed at another company. Upon his arrest, authorities seized two mobile phones and two laptops from him, which are believed to contain evidence related to the case.

Jain is currently in police custody, where further investigations are underway to recover the stolen cryptocurrency and ascertain the full extent of the fraud.