Major Crypto Scam in India Uncovered
Date: 2023-10-04 Author: Dima Zakharov Categories: IN WORLD
In a significant development, Indian law enforcement authorities have unearthed a widespread cryptocurrency scam that has been running rampant in the state of Himachal Pradesh. This elaborate fraud operation, which commenced its operations in 2018, targeted unsuspecting investors, enticing them with fictitious digital assets known as KRO and DGT, alluring them with the promise of substantial returns.
To create the illusion of profitability, the fraudsters employed network marketing tactics, encouraging early investors to recruit new participants. They sustained payouts using the contributions from these new recruits. To further deceive investors, fake websites were established where the criminals manipulated coin prices.
Following numerous complaints, law enforcement launched eight criminal cases and arrested five individuals on charges of fraud. However, the mastermind behind this fraudulent cryptocurrency scheme remains at large, and efforts to apprehend them are ongoing.
In a separate incident, the police in the Indian city of Jamnagar reported the apprehension of a group of crypto scammers who were offering gullible investors fake USDT stablecoins at half their nominal value.
To create the illusion of profitability, the fraudsters employed network marketing tactics, encouraging early investors to recruit new participants. They sustained payouts using the contributions from these new recruits. To further deceive investors, fake websites were established where the criminals manipulated coin prices.
Following numerous complaints, law enforcement launched eight criminal cases and arrested five individuals on charges of fraud. However, the mastermind behind this fraudulent cryptocurrency scheme remains at large, and efforts to apprehend them are ongoing.
In a separate incident, the police in the Indian city of Jamnagar reported the apprehension of a group of crypto scammers who were offering gullible investors fake USDT stablecoins at half their nominal value.
