en
Back to the list

Crypto Fraudsters Accrue $5.4M in 5 Years, 11 Arrested - CoinQuora

Legal

coinquora.com 22 February 2022 05:32, UTC
  
Reading time: ~2 m

A new crypto fraud case has been reported in India adding to the long list of scam cases in the country. According to a report, the Indian police arrested 11 people in connection to a $5.4 million crypto scam that duped 2,000 investors.

Crypto news media Watcher Guru tweeted about the news early this morning.

JUST IN: 11 people in connection with a multimillion dollar #cryptocurrency scam have been arrested in India. 🇮🇳

— Watcher.Guru (@WatcherGuru) February 22, 2022

In detail, the Police arrested four of the accused individuals on February 19, 2022, after tracking them since March 2021. Also, the remaining seven accused were caught the next day.

The mastermind behind the scam, Nishid Wasnik manipulated his firm’s website to duplicate the contents showing a steep increase in crypto investments. This lured victims to send funds to his accounts between 2017 and 2021.

In addition to the scam, police caught a pistol and seven cartridges from the accused individuals. Mobile phones, a laptop, four luxury cars, and $25,000 cash were also on the list. 

The team of scammers carried out a crypto investment scheme in 2017 and earned investors’ trust. Gripped by the luxurious lifestyle of Wasnik, the investors invested huge funds in the company.

Since the surge in cryptocurrency, scams have also been on the rise in India in terms of both scale and numbers. Just last month, authorities seized a massive $162 million from another crypto fraudster.

Crypto enthusiasts in the country are facing a dark period since the government imposed some regulations on crypto transactions. In the recent union budget, it fixed a 30% tax on cryptocurrency. Alongside this, the current crypto scam might sharpen more horns for regulation in the country.


   Source
Back to the list