Delhi, December 29: Delhi Police have uncovered a massive cryptocurrency fraud which has seen victims lose over Rs. 500 Crores. The investigation is ongoing and the perpetrators are believed to have fled the country.
Reports from Indian Times show that the suspects lured investors by offering incredible returns of up to 200 percent. In some cases, they even took the investors on lavish vacations to Goa where they explained the concept of blockchain technology to them. Additionally, they set up fake offices in Dubai to attract bigger investors.
36-year-old man arrested for deceiving man out of Rs. 17 Lakhs pretending to invest in cryptocurrencies. The FIR reveals that the perpetrators promised 200 percent returns within a year and a monthly return of 5-20 percent, among other benefits. They also used two bogus websites to try and simulate the investment process, but they displayed error messages when victims attempted to withdraw money.
Cryptocurrency fraud: Indian Investors at risk of losing Rs 1,000 Crores. Reports show that fake cryptocurrency exchanges are being used for this purpose.
(This story appeared first on LatestLY Dec 29, 2022 at 09.36 IST For Log on to our website, latestly.com, for more information on politics, the world, sports and entertainment.