Indian police investigating $2.7 million crypto scam
Date: 2024-11-05 Author: Oliver Abernathy Categories: IN WORLD
According to police, the scheme was started by a man named Ramanjaneyulu, who lured investors by promising a 10% return on every 100,000 rupees (around $1,188) every month. To build trust in his platform, he heavily used well-known cryptocurrency exchange brands Binance and OKX in his promotional materials. Since its launch in 2021, the scam has attracted a large number of investors, including local entrepreneurs, politicians, government officials, and ordinary traders. Some of them even took out loans to increase their investment in the project.
Indian law enforcement agencies have noted that between October 2023 and March 2024, citizens of the country lost around Rs 500 crore (approximately $60 million) due to participation in various cryptocurrency projects that later turned out to be fraudulent. The number of complaints against scammers in this area has increased significantly in recent times.
In October this year, Indian authorities began investigating the activities of another cryptocurrency platform, the developers of which promised investors returns of up to 50%. However, the platform suddenly ceased operations, resulting in losses for more than 700 people totaling $119,000.
Additionally, last month, Delhi police arrested the organizers of M/s Goldcoat Solar, who created a fraudulent scheme using the theme of renewable energy development to attract investments.
