Two additional arrests have been carried out in an ongoing cybercrime investigation involving a cryptocurrency network valued at over Rs 226 crore. The case, which authorities believe is connected to suspected terrorist funding channels, international drug trafficking, and transactions through the dark web, has seen a total of 12 arrests so far. The Cyber Centre of Excellence of CID Crime initiated the investigation after conducting a detailed analysis of cryptocurrency movements using blockchain technology.
Superintendent of Police (SP) Sanjay Keshwala confirmed that the recent arrests were made based on a combination of technical evidence and human intelligence inputs. The investigation, overseen by senior police leadership, was launched following the registration of a case related to a cryptocurrency network exceeding Rs 226 crore. The case, registered under FIR 33/2026, was prompted by instructions from DGP K. L. N. Rao to conduct a thorough inquiry.
According to SP Keshwala, the latest arrests involved Hadirja Sabir Ali Sarani and Mohammad Zamin Abbas Ali Jigar. The investigation revealed that Sarani and Jigar allegedly utilized KYC credentials belonging to Sarani’s father to operate a Binance cryptocurrency wallet and conduct complex transactions through multiple stages. These transactions, amounting to approximately 5,000 USDT, were flagged by international financial monitoring systems for their connections to entities like the Office of Foreign Assets Control and the cryptocurrency exchange Garantex.
The accused are suspected of facilitating unauthorized financial transactions using false identity credentials as part of a broader money laundering scheme. Both individuals, residents of Bhavnagar, are currently in custody as the investigation progresses. Authorities are conducting further interrogation and technical analysis to uncover additional wallets, counterparties, and international financial links associated with the case. The cyber unit continues its forensic blockchain analysis to unravel the extensive network and international ties involved in the cryptocurrency operations.
