Jaipur: City police Friday arrested two men, including the mastermind, in a suspected Rs 100 crore investment fraud in which fake cryptocurrency websites were used to lure people with promises of high returns from property and cryptocurrency investments.DCP (South) Rajarshi Raj Varma said police have frozen a Rs 1 crore fixed deposit allegedly created from the fraud proceeds and seized a Mercedes E 450 and a Triumph Street Triple motorcycle worth around Rs 1.25 crore.He identified the alleged mastermind as Mohit Kaloya (27), a resident of Badaranon Ki Dhani in Kaladera near Chomu. He was arrested in Gurgaon. His alleged associate, Ghanshyam Kandela alias Ghanshyam Kadel (35) of Chitwadi village in Jaipur district, was arrested later on the basis of information obtained during Kaloya’s interrogation and other evidence.According to police, the accused operated through fake cryptocurrency websites, Flinty-io and Flinty-live, and used them to attract investors by promising high returns from property and cryptocurrency investments. They allegedly collected crores of rupees before shutting down the operation and fleeing.The case came to light after a complaint at Sodala police station by Rishi Mehta, who alleged that Kaloya and Kandela induced him to invest in their company, Easy Way Homes. Mehta told police he paid Rs 1.55 crore through cheques and another Rs 4 crore in cash at different times.
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When the promised returns became due on Jan 1, 2026, Mehta tried contacting the two men but found their phones switched off.The investigation has also begun to trace what happened to the money.Police recovered a black Mercedes E 450 at Kaloya’s instance, allegedly bought with money taken from Mehta. A Triumph Street Triple bike was also seized. Computers, a laptop and mobile phones were recovered, and investigators are examining whether the devices were used to move or invest the defrauded money through cryptocurrency and trading platforms.Police said several cases involving similar frauds were registered against the two men at other police stations.
