New Delhi, Jul 27 (IANS): In the latest update on crypto frauds, the Central Bureau of Investigation (CBI) has arrested a person, Sahil Pal for allegedly duping Canadian citizens by impersonating as a Canadian government official.

On Wednesday, during a raid around Rs 1 crore in cash was recovered from his house. The accused had been running a crypto fraud racket along with his aide Ashish Bhambhani.

Pal was produced before the Rouse Avenue District Courts which remanded him to the CBI's custody till July 29.

The CBI on Thursday conducted searches at different locations in Delhi at the premises of the accused in this connection. During the searches, incriminating digital evidence, electronic devices, documents were recovered. Rs 1 crore in cash was seized from the premises of one of the accused, named in the FIR. An official said that a case was registered on May 11 against Sahil Pal, Ashish Bhambhani, both residents of Delhi and others. It was alleged that the accused had been impersonating as Canadian government officials to carry out their fraudulent activities. "Their modus operandi involved providing fake technical support consultation to unsuspecting foreign victims and then coercing them into transferring cryptocurrency funds. The ill-gotten cryptocurrency assets were subsequently routed through multiple crypto wallets (Bitcoins), ultimately ending up in the perpetrators' own crypto accounts," said the official. Further investigation into the matter is on-going.