INDIA, Delhi Court Urges CBI to Consider Taking Over ₹2,000 Crore Crypto Fraud Probe
A Heist That Shocked the Crypto World
A Delhi court has suggested the Central Bureau of Investigation (CBI) consider taking over the probe into a ₹2,000 crore cryptocurrency fraud involving WazirX, one of India's leading crypto platforms. The cyberattack, which occurred on July 18 last year, led to a massive breach of multi-signature wallets, draining over $234 million in assets.
Cracks in the Investigation
The suggestion came from Additional Sessions Judge Sumit Dass during a bail hearing for SK Masud Alam, a key accused from West Bengal. Alam has been in judicial custody for over eight months, with his prior bail applications already rejected.
Despite ongoing efforts by the Delhi Police’s Intelligence Fusion and Strategic Operations unit, the court noted a lack of significant progress and raised concerns over the investigation's depth and scope.
Global Footprints, Syndicate Suspicions
Judge Dass emphasized that the scale and sophistication of the fraud, along with possible international links, call for a national agency’s intervention. The order also hinted at potential involvement of organized syndicates or even state-backed actors, warning that the stolen funds could fuel further illegal activities.
WazirX and the Breach
WazirX operator Zanmai Labs reported that attackers had compromised their wallet infrastructure. One account, initially linked to Souvik Mondal but later traced to Alam, had received crypto worth over ₹91 lakh just days before the breach.
What’s Next
While the court hasn’t formally ordered a transfer of the case, it has sent a copy of the order to the CBI director for consideration. The next hearing on Alam’s bail is scheduled for May 19.
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