Techie Nabbed for Rs 56 Crore Cryptocurrency Fraud

A 26-year-old software engineer, Shubhang Jain from Haryana, was arrested for allegedly misappropriating Rs 56 crore worth of cryptocurrency from his former employer. He had access to the company's wallets and transferred funds to accounts he created with fake identities. Police apprehended him in Mumbai after he was on the run for two years.

In a significant breakthrough, a 26-year-old software engineer, Shubhang Jain, was apprehended for allegedly embezzling cryptocurrency worth Rs 56 crore from his former employer, a city-based firm. The arrest was made by police on Wednesday.

Jain, originally from Haryana, reportedly had access to the company's wallets, which he exploited to transfer funds by altering the account passwords. The cryptocurrencies were then transferred to multiple wallets he created under fake identities.

The fraud came to light during a routine company audit. Police revealed that Jain, who had been on the run for the past two years, was eventually traced and arrested in Mumbai, where he was employed with another company. Officials seized two mobile phones and as many laptops from him. Jain is currently in police custody for further investigation and the recovery of the misappropriated funds.

(With inputs from agencies.)