A scam has been unearthed in Ahmedabad in which a Rajasthan businessman claimed to have been cheated on money from USDT. A case of laundering and fraud has been registered against three people based on the complaint and the Ahmedabad Crime Branch is looking into the financial and cryptocurrency transactions.
Jagdish Babulalji Bishnoi is a Rajasthan businessman. According to his complaint, he was considering investing his savings in the stock market or cryptocurrency in April 2026. While in the process he met Sachin Kanaiyalal Joshi with his friend Shankarsinh Shekhawat in Ahmedabad. Joshi told him cryptocurrency transactions could be attractive and helped him to invest through him.
As per the complaint, the relationship looked legitimate because the complainant received cryptocurrency after only a small payment. On May 6 Bishnoi allegedly transferred ₹95,600 through PhonePe to Dipam Jani and received 999 USDT in his TronLink wallet.
The successful completion of the first transaction apparently gave Bishnoi confidence in the arrangement. The complainant said the transaction made him believe the people involved were genuinely capable of transferring cryptocurrency after receiving payments. This confidence made him want to take part in larger transactions.
Joshi had asked Bishnoi on May 7 to arrange ₹23.93 lakh for the purchase of 25,000 USDT. According to the complaint Bishnoi had got the amount with the help of his friend Santosh Raghunathram Saran and an angadia company in Mumbai. The money was handed over to Mehul Harshadbhai Parekh in Ahmedabad.
Following that payment, 25,000 USDT was credited to Bishnoi's cryptocurrency wallet. The successful second transaction allegedly strengthened his confidence in the arrangement and led him to proceed with another high-value transaction.
The situation allegedly changed on May 11. Bishnoi said he transferred another ₹47.78 lakh through the angadia firm to Mehul Parekh. Unlike the earlier transactions, the complainant alleged that the promised USDT was not credited to his TronLink wallet.
After not getting the cryptocurrency, Bishnoi contacted Sachin Joshi to explain. Joshi initially blamed the delay on the wallet and said that the problem would be resolved in a day or two, the complaint said.
However, Bishnoi alleged that the delay continued and that he eventually stopped receiving responses from Joshi. When he subsequently contacted Mehul Parekh, he was allegedly informed that the ₹47.78 lakh had been collected from the angadia firm on the instructions of Akshay Ashokbhai Joshi.
Bishnoi has alleged that Sachin Joshi, Akshay Joshi and Mehul Parekh worked together to convince him to invest in cryptocurrency. His complaint alleges that the accused first established his confidence through successful smaller and medium-sized transactions before the larger amount was collected without the promised cryptocurrency being transferred or the money being returned.
The Ahmedabad Crime Branch has booked the three accused under relevant provisions of the Bharatiya Nyaya Sanhita and initiated an investigation. The investigators are expected to investigate financial records, payment details, angadia transaction records, cryptocurrency wallet activity and digital communications related to the case.
Tracing the movement of the ₹47.78 lakh is expected to be a key part of the investigation. It will also be key to determine whether the cryptocurrency transactions were genuine, where the money was ultimately transferred and what role each of the three accused allegedly played.
We have to be cautious with regards to cryptocurrency transactions, as Cybercrime expert and former IPS officer Prof. Triveni Singh has also argued. Successful transactions can build trust and allow victims to pay much more. Investors should then verify with a counterpart to the wallet address, transaction documents, and payment records before making a high-value transfer.
The case also shows the risks of informal cryptocurrency investment arrangements. A successful initial transaction does not necessarily prove that a person or investment arrangement is legitimate. Digital assets also entail other technical elements such as wallet addresses, blockchain transactions and confirmation that transfers occur.
It is, in fact, the allegations are still part of the complaint and investigation and are not yet proven in court. The Crime Branch will need to go through digital and financial evidence to determine what happened to the ₹47.78 lakh and whether the accused were involved in the alleged fraud.
The Ahmedabad incident should serve as a reminder to cryptocurrency users to take care of their money and not sell to the very person who could be an easy cash-back. Checking who is the counterparty, independently checking information about transactions and having all records in hand will reduce the danger of a loss.
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