Indian Agencies Open Probe into $11M Crypto Scam

Indian law enforcement agencies are on the trail of individuals suspected of defrauding Indians of nearly $11 million, reportedly.

The suspects allegedly defrauded investors by offering a 200% return on investments in their yet-to-be-launched virtual currency. Authorities said the suspected fraudsters used several methods to win the trust of their victims, including the promise of luxurious vacations in Dubai.

Investigations also revealed that the scammers told investors that they were building an expensive office building in Dubai, and when a number of investors attempted to verify, they were shown buildings under construction. Another claim by the scammers that they were running a financial collective in Maharashtra turned out to be a ruse to appear legitimate.

Multiple events were also held to teach investors the fundamentals of blockchain technology and the future of the new asset class.

A fake website was launched purporting to show the value of investments and offered victims the chance to either convert their holdings to Bitcoin or liquidate them into their bank account. Multiple reports from victims say that all attempts to withdraw the funds failed, confirming their fears that the scheme was fraudulent.

Investigators say that the organizers of the scheme have fled India, but a massive manhunt has been opened to apprehend them. India’s law enforcement agencies confirm a collaboration with Interpol and other regional security outfits to smoke out the perpetrators.

(Source: COINGEEK)