KANPUR, Dec. 15 -- Kanpur Police have traced a cryptocurrency wallet handling transactions worth $396 million, roughly Rs.3,564 crore, as they probe deeper into the alleged Rs.970-crore fraud orchestrated by Delhi-based Ravindranath Soni, 44. The accused, who allegedly duped more than 700 people across India, Dubai, Sharjah, Oman and the US, was arrested after an 18-month hunt that ended in Dehradun on December 2.

The discovery nearly quadruples the initial estimate of fraud and exposes the international scope of the Blue Chip Token scam. Investigators have uncovered token units worth nearly Rs.20,000 crore issued in the company's name, none of which were registered on the blockchain, raising questions about whether investors were tradin...