In another major breakthrough by Cyber Police, the team has broken through a major cryptocurrency scam. The financial fraud involves the owners of Darwin Labs – IIT Alumnus Sahil Bagla (28) and Nikunj Jain (29), who along with a third-person – Amit Bhardwaj, tried to syphon-off money and transfer to foreign shores.

The accused have been identified as residents of Delhi. As per the probe by Delhi Police, it is revealed that both, Sahil and Nikunj were working as software developers and were allegedly promised to get a 20 percent cut from Bhardwaj.

As per the Pune Mirror report; During their arrest, the Delhi Police were able to seize 43.225 Bitcoins, 79.949 Ethereum, and Cash worth Rs. 33 lakhs, some Mobile phones and a Laptop. In its report to the court, the Police have stated that Sahil & Nikunj were a part of the conspiracy.

During the interrogation, it was also revealed that an individual Ayush Warshne was also a co-conspirator in the whole fiasco. As per the reports, they had created different websites and portals; i.e. GB Miner, BTC Payment Gateway, BTC Mining Pool, which were operated across the length and breadth of the country.

Also, it was revealed that the group had appointed a lawyer and a chartered accountant who was tasked to transfer money to different countries in order to save tax!

The Delhi Police were able to trace a trail-mail wherein they came to know that the money was transferred to a country wherein only they could have had the access to money, and nobody else.

During the investigation, it was revealed that Sahil was the Chief Executive Officer (CEO) of Darwin Labs, while Nikunj was the Chief Security Officer (CSO). Their third partner-in-crime, Ayush Warshne, was working as a Chief Technology Officer (CTO) and Chief Operating Officer (COO) in the same company.

The software engineer duo was produced in the court on April 21. There, Ujjawala Pawar, District Government Pleader (DGP), had remanded them in a 14-day police custody. She said that there lies a need to further investigate as to where did they get Bitcoins from. The arrested duo was operating several websites to procure Bitcoins from other companies; hence, they might have the entire record of the transactions made. The Sessions court then had remanded them to police custody till April 27 for further investigation.

(The above story first appeared on LatestLY on Apr 23, 2018 05:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).