Altcoins Talks - Cryptocurrency Forum
Further Discussions => Reputation, Scams & Phishing => Topic started by: Oxumare on June 14, 2020, 10:56:35 AM
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Five individuals have been identified by Indian police as likely involved with a crypto investment scam that has operated since 2017.
Indian police have registered a case against five individuals suspected of involvement in a cryptocurrency scam that has defrauded investors since 2017.
Despite operating for several years, the scammers are only believed to have made away with a modest bounty of roughly $34,200.
The group is believed to have solely operated in the Maharashtra state’s district of Palghar.
Indian police target multi-year scam
On June 13, media outlet New Indian Express reported that five people had been booked for allegedly defrauding investors under the guise of cryptocurrency investment.
The group promised exorbitant returns to those who invested in crypto assets from them, soliciting payments in the form of cash and cheques. However, after the funds were received, the scammers became increasingly evasive in their interactions with investors, local police said.
None of the accused fraudsters have been arrested so far.
Last month, the case concerning Amrit Bhardwaj and Vivek Bhardwaj — two brothers who operated India’s notorious multi-level marketing crypto scam GainBitcoin — was transferred from the Cyber Cell to local police’s Crime Branch.
Read More (https://cointelegraph.com/news/five-wanted-for-indian-crypto-scam-operating-since-2017)
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This is a sad story because it took a lot of years of battle with the government over cryptocurrency legalization before the Indian government finally accept crypto and this kind of news may raise another issue or excuse for them to ban crypto again.
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already from 2017 doing fraud really makes no sense because it is difficult to crack the tracks of crypto users