The Indian police have registered a case against 5 people suspected of involvement within a crypto scam scheme that was illicitly defrauding its investors since 2017.
However, despite operating for several years, the scammers are only believed to possess a modest bounty of roughly around $34,200.
The group is believed to solely operate within the Maharashtra state’s district of Palghar.
Earlier on 13th June, local news media outlet namely ‘Indian Express’ revealed that 5 individuals had been taken in remission for illegally defrauding investors under the glimpse of cryptocurrency investment reward scheme.
The group promised exorbitant returns to its users who invested in crypto assets from them, soliciting payments within cash and cheques. However, after the funds were received, the scammers became increasingly evasive within their interactions with investors, local police added.
None of the accused fraudsters are arrested for now.
Just last month, the another scam case involving Amrit Bhardwaj and Vivek Bhardwaj – two brothers who were held responsible for operating India’s multi-level marketing cryptocurrency based scam scheme by the name ‘GainBitcoin – were transferred from the Cyber Cell to local police’s Crime Branch.
India & DarkNet Crackdown
Indian police have recently elaborated their efforts to clamp down on darknet crime, recently announcing their plans to create an AI-powered web portal for deep web investigations, and teaming up with global regulators to bust unknown & illegal market vendors peddling unlicensed pharmaceuticals or narcotics.
The idea is that the crypto assets may comprise as a tool for illicit activities which could prove highly damaging for India’s digital asset sector, with the Indian Ministry of Finance proposing a all-time ban on cryptocurrencies on earlier on 12th June – only three months after the Supreme Court’s ruling that lifted the country’s prohibition on banks offering financial services again to firms operating with crypto space.