Jaipur police have arrested two men in an alleged ₹100 crore investment scam involving cryptocurrency websites and property deals. According to a Times of India report, the case came to light after an investor complained of losing ₹5.55 crore. Police later arrested Mohit Kaloya in Gurugram and Ghanshyam Kandela in connection with the alleged operation.
Investor Complaint Triggers Probe
Rishi Mehta approached Jaipur’s Sodala police station after an investment deal with Easy Way Homes allegedly went wrong.
Mehta told police he had invested ₹5.55 crore. About ₹1.55 crore was reportedly paid through cheques, while another ₹4 crore was allegedly paid in cash.
The agreed repayment date was Jan. 1, 2026. Mehta said the accused stopped responding after the deadline passed.
Police later identified Kaloya, 27, as the alleged mastermind. Officers arrested him in Gurugram and subsequently arrested Kandela, 35, after questioning Kaloya and examining other evidence.
The investigation has focused on two websites, Flinty-io and Flinty-live. According to police, the sites offered cryptocurrency or digital-coin investment opportunities.
The suspects also allegedly used Easy Way Homes to pitch property and crypto-related investments. Police said the group operated an office in Jaipur’s Vaishali Nagar from around January 2025.
Investigators are now checking the financial records and digital evidence recovered during the probe. They are also looking into whether other people were involved.
Police Freeze Assets in Case
The arrests were followed by seizures of a Mercedes E 450 and a Triumph Street Triple motorcycle. Police put their combined value at about ₹1.25 crore.
A fixed deposit worth roughly ₹1 crore was also frozen after investigators allegedly linked it to the suspected fraud.
Officers recovered computers, a laptop and mobile phones from Kaloya. The devices could provide information about the websites, investor communications and financial transactions, although police have not disclosed the findings from the examination.
The money trail is another focus of the investigation. Police are checking transactions involving banks, cryptocurrency and trading platforms to determine how funds allegedly collected from investors were handled.
The probe is also being used to identify other possible victims.
Other Crypto Fraud Cases in India
The Jaipur case comes amid several other investment fraud investigations involving cryptocurrency and related products.
In Dehradun, police registered a case involving an alleged ₹1.5 crore loss linked to forex and cryptocurrency investments. The complainant reportedly faced requests for more money before being allowed to withdraw funds.
Bengaluru cyber police separately arrested three men in an alleged ₹93.58 lakh fraud. Investigators identified 507 mule accounts and traced funds to a cryptocurrency wallet.
In another Bengaluru case, a surgeon reportedly lost ₹4.47 crore after being shown what appeared to be inflated trading profits. The losses surfaced later in the alleged scheme.
Rajasthan has also seen a large crypto and forex fraud investigation in Bharatpur. Police arrested five people in that case, which reportedly involved thousands of crores.
Source: X
The CBI has separately charged 30 people in a ₹1,000-crore case involving a fake application that promised returns from nonexistent bitcoin-mining machines. According to the supplied report, more than 150 shell accounts were used to move funds.
The Enforcement Directorate has also investigated an alleged ₹2,300-crore crypto Ponzi and multi-level marketing operation.
Source: X
What India’s Crypto Rules Cover?
India does not have a single law that fully regulates cryptocurrencies. Private cryptocurrencies are not legal tender, but people can still buy, sell and hold them.
Crypto gains classified as Virtual Digital Assets are taxed at 30%. Some transactions also carry a 1% tax deduction at source. Crypto service providers must register with the Financial Intelligence Unit-India under money-laundering rules.
The Reserve Bank of India has repeatedly raised concerns about the risks linked to cryptocurrencies. These include possible financial stability risks and the use of offshore entities.
In 2026 submissions to a parliamentary committee, the RBI backed policies that leaned toward prohibition. India has not introduced a new blanket crypto ban, however, or a comprehensive framework specifically governing cryptocurrencies.
Recovery Depends on the Money Trail
Recovering money after an investment fraud can become harder once funds move between multiple accounts or payment channels. Cash payments can leave fewer conventional records, while cryptocurrency transfers generally cannot be reversed.
Authorities can freeze bank accounts and seize assets that can be connected to suspected proceeds. Finding and recovering the full amount is another matter.
Victims can report financial cybercrime through India’s 1930 helpline or the National Cybercrime Reporting Portal. Quick reporting can help authorities act on beneficiary accounts before funds are moved further.
In the Jaipur case, Mehta’s alleged loss alone was ₹5.55 crore. Police are continuing to examine financial records, digital devices and possible links to other victims and suspects.
