Bhopal (Madhya Pradesh): Despite busting new gangs of cyber conmen and working out cases of cyber frauds, cops are often failing to recover lost cash as fraudsters are converting cash to crypto currency and transferring it to wallet addresses abroad.

Trail of cash siphoned off by cyber crooks comes to a dead end once the money is converted to crypto and transferred to wallet addresses, Cyber Police Officials said.

Investigations by cyber cops has revealed that kingpins of gangs involved in bigger cases of cyber fraud and digital arrest are operating from abroad, especially from Dubai, Thailand, Singapore and Pakistan.

They use locals as agents for arrangements of bank accounts, SIM cards and collecting bank details of their possible targets.

Cyber cell officials said that in many cases of cyber fraud, local conmen were arrested but there was no recovery of duped cash as it was converted to crypto and was transferred to wallet addresses of kingpins sitting in other countries or in remote states of India.

In cases where the duped amount is bigger, cyber conmen immediately transfer the cash to different bank accounts as cyber cell freezes the initial bank account in which the amount is transferred. Once the cash is diverted to multiple bank accounts, cyber conmen convert the cash into crypto currency to block the trail, officials added.

ACP Cyber Cell Sujeet Tiwari said instead of withdrawing cash, cyber conmen convert it to crypto. As crypto has no central authority in India, it becomes difficult to recover cash or identify receivers abroad. He said that many such cases have come to the fore where duped cash was transferred to wallet addresses after converting it into crypto, he added.

It is worth mentioning that crypto is being controlled from abroad. Moreover, exchange wallets used for transfer and investment of crypto is also being run by people in other countries.