Sri Vijaya Puram: A high-stakes cryptocurrency scam running into ₹160 crore (approximately USD 19.3 million) has landed at the doorstep of the CID Police in Sri Vijaya Puram, as DCI Capital, a Dutch-based crypto investment firm, lodged a formal criminal complaint against six individuals and a South Andaman-based company. The complaint, filed by Akhil Bharat Kukreja on behalf of Dutch Consultant Innovation Limited, seeks action under multiple sections of the Bharatiya Nyaya Sanhita, 2023.
At the heart of the complaint is Aza Enterprises Private Limited, a company registered in Delanipur, South Andaman, whose directors Mohammed Waseem and Latifa Bano have been named among the accused. Others include Vaibhav Gupta alias Gaptu, Diwan Saurabh alias Daku, and Ravindra Kumar, the alleged mastermind of the operation.
DCI Capital alleges that the fraud was engineered through a series of deceptive cryptocurrency transactions, presented under the guise of exclusive OTC (over-the-counter) crypto allocations. According to the complaint, Waseem first approached the firm in 2024, projecting himself as a broker with direct access to project teams. Early transactions were executed smoothly, building trust. A physical meeting in Dubai in April 2025 further reinforced this illusion of credibility.
Later, Vaibhav Gupta and Diwan Saurabh were introduced into the dealings. Saurabh, known in Telegram crypto circles, allegedly used his reputation to gain investor confidence, while Gupta falsely claimed affiliation with crypto exchange Binance. Communications, the complaint notes, took place within private Telegram groups where screenshot functionality was disabled, limiting the complainant’s ability to capture evidence.
Over time, the accused allegedly misrepresented access to crypto allocations from major blockchain projects including Beam, Kava, Celestia, EGLD, Aptos, and Wormhole, among others. Initial transactions were successful, but as larger sums were invested, based on continued assurances, deliveries stopped and explanations turned evasive.
The complaint alleges that forged documents, fake regulatory justifications, and manipulated messages were used to maintain the ruse. It further states that Ravindra Kumar controlled all wallet addresses where funds were deposited, using Aza Enterprises as a corporate front to conceal fraudulent operations.
A detailed ledger included in the filing documents a cumulative financial loss exceeding USD 10 million. Of this, USD 6.56 million is attributed to Waseem, USD 2.1 million to Gupta, and USD 1.68 million to Saurabh. DCI Capital has also submitted proof of formal demand notices issued to each of the accused in June 2025, none of which received any response.
Adding weight to the complaint is a parallel police filing reportedly made by Waseem himself in Bengaluru, where he named Ravindra Kumar as the primary orchestrator of an ₹80 crore fraud, admitting his own personal losses of nearly ₹30 crore. The complaint by DCI Capital references this statement, aligning it with their own findings.
Additional supporting material includes a CoinDesk article dated June 23, confirming that Ravindra Kumar was ousted as CEO of Self Chain following allegations of a USD 50 million scam. Posts on social media by industry experts like CA Sonu Jain and influencer OTIS Alpha also describe similar patterns of fraud involving the same set of accused.
DCI Capital has urged the Sri Vijaya Puram CID to register an FIR, initiate an in-depth probe, and act swiftly to prevent further financial damage. Their demands include issuing Look-Out Circulars, freezing of bank accounts and crypto wallets, and coordination with cybercrime and enforcement agencies to trace funds.
Citing the Supreme Court’s 2014 ruling in Lalita Kumari v. State of UP, the complaint stresses that FIR registration is mandatory in all cognizable offence cases. Given the presence of the company and several accused in Sri Vijaya Puram, the complainant asserts that the local CID has clear territorial jurisdiction.
As of now, there has been no official response from the authorities regarding the registration of the FIR or the next course of action.
