Jaipur Police have arrested two men in connection with a suspected ₹100 crore investment fraud allegedly involving fake cryptocurrency websites and promises of high returns.
The accused have been identified as 27-year-old Mohit Kaloya, alleged to be the mastermind, and 35-year-old Ghanshyam Kandela. Police said Kaloya was arrested in Gurugram, while Kandela was arrested later based on information gathered during the investigation.
According to police, the accused allegedly operated websites named Flinty-io and Flinty-live, presenting them as platforms for cryptocurrency and digital-asset investments. Investors were reportedly lured with promises of substantial returns. The accused also allegedly solicited investments through a venture called Easy Way Homes, offering opportunities linked to property and cryptocurrency.
Police said the alleged operation had an office in Jaipur’s Vaishali Nagar from around January 2025, where investors were approached with high-return investment offers.
The case came to light after investor Rishi Mehta filed a complaint with Sodala police station. He alleged that he was persuaded to invest ₹5.55 crore after being promised significant profits. The amount reportedly included ₹1.55 crore through cheques and around ₹4 crore in cash.
According to the complaint, when the promised repayment became due on January 1, 2026, Mehta allegedly tried contacting the accused but found their phones switched off.
During the investigation, police seized a Mercedes E 450 and a Triumph Street Triple motorcycle, together worth around ₹1.25 crore. A fixed deposit of approximately ₹1 crore was also reportedly frozen.
Investigators recovered computers, a laptop and mobile phones from Kaloya and are examining financial transactions and digital evidence to trace the alleged proceeds. Police are also investigating whether cryptocurrency or trading platforms were used to move the funds.
The probe remains underway as investigators look for additional victims, possible associates and the movement of money linked to the alleged network. The allegations are subject to the ongoing investigation and legal proceedings.
