New Delhi

The Delhi Police has arrested a 25-year-old man from Punjab for allegedly duping a resident of northeast Delhi's Shahdara of Rs 55,000 in an online cryptocurrency fraud, an official said on Sunday.

The accused has been identified as Sukhpreet Singh, a resident of Ludhiana in Punjab.

He was arrested following an investigation into a complaint lodged by Sangam Yadav, who alleged that he was misled by a social media group posing as a legitimate company offering paid work-from-home tasks.

"The victim initially earned small sums through minor tasks but was later asked to deposit Rs 55,100 through UPI for further work. When he sought withdrawal of funds, the scammers demanded additional payments, revealing the fraud," police said in a statement.

The official said investigation revealed that Singh was an active member of a social media groups where he bought USD Tether (USDT), a cryptocurrency, at market price and allegedly sold it at a higher rate, fully aware that the victim's deposits were frozen or blocked due to cyber complaints. He allegedly used multiple bank accounts, ATMs, and other methods to withdraw the money.

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"During the raid, police recovered three mobile phones, six SIM cards, and 12 ATM cards from Singh," he said, adding, further investigation is underway.