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Five Wanted For Indian Crypto Scam Operating Since 2017

Five Wanted For Indian Crypto Scam Operating Since 2017

Five individuals have been recognized by Indian police as likely associated with a crypto venture scam that has worked since 2017.


Indian police have registered a case against five individuals suspected of involvement in a cryptocurrency scam that has defrauded investors since 2017.

In spite of working for quite a long while, the scammers are just believed to have carried off a humble abundance of generally $34,200.

The gathering is accepted to have exclusively worked in the Maharashtra state’s area 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, requesting installments as money and checks. Notwithstanding, after the assets were gotten, the scammers turned out to be progressively equivocal in their associations with speculators,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.India ramps up darknet crackdown

Indian police have recently expanded efforts to crack down on darknet crime, recently announcing plans to build an AI-powered web portal for deep web policing, and teaming up with international regulators to bust anonymous free market vendors peddling unlicensed pharmaceuticals or narcotics.

Perceptions that crypto assets may comprise a tool for illicit activities could prove highly damaging for India’s digital asset sector, with the Indian Ministry of Finance proposing a new ban on cryptocurrencies on June 12 — only three months after the Supreme Court’s ruling that lifted the country’s prohibition on banks providing financial services to firms operating with crypto.

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