Surat cybercrime police have arrested a 34-year-old MTech-qualified engineer in connection with an alleged cryptocurrency investment fraud involving nearly ₹2 crore and three victims. The accused, identified as Priyank Vyas, was reportedly arrested from a residential apartment in the Mira Road area of Mumbai.
According to investigators, Vyas allegedly posed as a government cyberforensic officer and used claims of specialised technical expertise to gain investors' confidence. He reportedly promised high returns through cryptocurrency transactions and a purported forensic trading operation.
Police are investigating allegations that investors were persuaded to transfer money through multiple channels, while fabricated transaction records and explanations about technical issues were used to delay withdrawals.
Accused Allegedly Used Fake Government Credentials
Investigators said Vyas introduced himself as a cybercrime forensic specialist and allegedly claimed to hold a doctorate. He reportedly used the title “Dr Priyank Vyas” and displayed an identity card bearing the national emblem and the words “Satyamev Jayate” to create an impression of official authority.
Police suspect that these representations were used to establish credibility and persuade potential investors to trust his financial proposals.
The investigation also indicates that Vyas had previously lost money through an online investment platform. Police allege that he later adopted a similar investment-based approach to collect funds from other people.
Investment Offer Allegedly Promised 20% Returns
The case reportedly began in November 2025 when chartered accountant Rohan Kelawala introduced Vyas to a Surat resident who was seeking assistance with banking and loan-related matters.
Vyas allegedly offered the individual an opportunity to invest in forensic trading and cryptocurrency transactions, promising returns of approximately 20%.
In January 2026, the complainant initially transferred ₹18 lakh after being assured that the amount would grow to ₹30 lakh within 60 days.
However, investigators allege that further payments were subsequently sought under different explanations, including server purchases, cryptocurrency transactions, gas fees and withdrawal-related charges.
Fabricated Transaction Records Allegedly Used to Delay Withdrawals
According to the police investigation, Vyas allegedly shared screenshots showing cryptocurrency transactions, foreign bank cards and purported successful fund transfers to convince investors that their money was being processed.
When investors reportedly attempted to withdraw their funds, he allegedly cited technical errors, wallet audits, server-related problems and transaction limits.
Between November 2025 and October 2026, the principal complainant reportedly transferred approximately ₹1.29 crore through cash payments, bank transfers, Google Pay, angadia channels and USDT transactions.
The complainant allegedly received only ₹4.7 lakh in return, leaving a substantial amount disputed.
Three Investors Reportedly Lost Nearly ₹2 Crore
The investigation has identified three alleged victims in the case.
The principal complainant reportedly transferred around ₹1.29 crore. His friend allegedly invested ₹74.90 lakh, while another Surat resident reportedly transferred ₹7.50 lakh under similar investment promises.
Together, the three complaints involve an alleged fraud amount of nearly ₹2 crore.
Police are examining the individual transactions and financial records to establish the complete flow of funds and determine whether additional investors may have been approached through the same arrangement.
Mobile Phones, Laptops and Vehicles Seized
During the investigation, police reportedly seized two mobile phones, two laptops, storage devices, three cryptocurrency wallet cards, a suspected forged identity card and banking documents.
Two vehicles, a BMW and a Honda City, were also seized as part of the investigation.
The recovered electronic devices and documents may help investigators examine communications with investors, transaction records and the alleged use of cryptocurrency-related services.
Police Examine Alleged Use of Funds for Personal Purchases
Investigators suspect that money collected from investors was diverted towards personal purchases instead of being used for the promised investment activity.
According to the report, Vyas allegedly purchased a property in Mumbai worth approximately ₹1.5 crore, acquired a BMW and paid around ₹80 lakh as a token amount for another apartment.
Authorities are examining the suspected asset purchases and financial transactions to determine whether they can be linked to the money allegedly collected from investors.
The arrest highlights concerns about investment proposals promoted through false professional identities, misleading government credentials and fabricated financial records. The investigation is continuing to establish the full extent of the alleged fraud and trace the funds.
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