Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors

Indian police have arrested 11 folks to this point in reference to a fraudulent cryptocurrency scheme that has duped about 2,000 traders out of $5.4 million.

11 People Arrested so Far in Cryptocurrency Scam in India

Indian police have cracked down on a cryptocurrency funding scheme that has duped over 2,000 traders out of 40 crore rupees ($5.4 million).

The variety of arrests reached 11, seven of whom had been arrested on Sunday in Maharashtra’s Nagpur, in accordance with PTI.

The most important accused, Nishid Wasnik, and his spouse Pragati, together with two different associates, Gajanan Mungune and Sandesh Lanjewar, had been arrested someday prior in Pune. They went into hiding in March final yr and had been on a run till they had been arrested Saturday, the police mentioned.

An official described that Wasnik used to flaunt his luxurious way of life to lure folks to put money into a agency he claimed to be dealing in ether (ETH) cryptocurrency. The official was quoted as saying:

He manipulated the web site of the agency to indicate a gentle rise within the worth of investments whereas transferring cash into his accounts fraudulently between 2017 and 2021.

The police mentioned all 11 folks had been charged beneath IPC, Maharashtra Protection of Interest of Depositors Act and Information Technology Act provisions by Yashodhara Nagar police.

Referring to the accused, the official added:

He had even organized a seminar on cryptocurrency funding in Pachmarhi in Madhya Pradesh.

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