Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors – Regulation Bitcoin News

Indian police arrested 11 individuals in connection to the scam that deceived around 2,000 investors from $5.4 Million.

In India, Cryptocurrency Scam: 11 Persons Arrest

Indian police are taking action against a scheme to invest in crypto currencies that have deceived more than 2,000 people out of $40 crore ($5.4 million).

The number of arrests reached 11, seven of whom were arrested on Sunday in Maharashtra’s Nagpur, according to PTI.

Nishid Wasnik (the main accuse) and Pragati, his wife, were taken into police custody in Pune. Two other accomplices, Gajanan Munune and Sandesh Lankjewar, were also detained. The police stated that they fled to hide in March 2013 and then went on a chase until being arrested at dawn Saturday.

Officials claimed that Wasnik used to show off his extravagant lifestyle in order to convince people to invest. He also said that he was dealing with ether (ETH) crypto currency. According to the official, he said:

Between 2017 and 2021, he manipulated the company’s website to display a constant rise in investment value while fraudulently transferring funds into his accounts.

According to Yashodhara Nagar police, all 11 were arrested under IPC and Maharashtra Protection of Interest of Depositors Act.

In reference to the accuse, the official said:

Even organizing a seminar about cryptocurrency investments in Pachmarhi, Madhya Pradesh.

How do you feel about the case? Please comment below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.