Five Names under Investigation for Indian Crypto Scam that Began in 2017

The police in India are investigating five people for their roles in a crypto investment scam that has been active for the past three years.

The Indian police are investigating five people who are believed to have taken part in stealing from people through a so called cryptocurrency investment that was designed to defraud people.

Although they have been in this for quite some time, there are indications that the amount they have stolen so far is just around $34,000.

The scammers are believed to have restricted their activities in the Maharashtra state’s district of Palghar.

Indian police aim at uncovering other similar scams

The New Indian Express made it known on June 13 that the police have penned down the names of five people who stole from the public while faking to own a legitimate cryptocurrency investment scheme.

Their targets fell victim due to the mouth-watering offers they promised from their investment scheme. The “investments” were collected in cash and cheques. The victims complained that as soon as they made the payments, the scammers’ responses to questions regarding their investments were disappointing.

The suspects are yet to be arrested.

This is something similar to what was reported last month about the MLM crypto scam called GainBitcoin which was operated by two brothers named Amrit Bhardwaj and Vivek Bhardwaj. Their case was initially with the Cyber Cell but has now been sent to the Crime Branch department of the Indian police.

Indian police close to darknet clampdown

More efforts have been exerted by the Indian police to find out more about darknet crime. The police are organizing a robust partnership with AI companies that can create a website that uses AI to track down illegal activities on websites. The partnership will also include the regulators of pharmaceutical companies in various countries.

With these recent happenings, Indians are becoming conscious again about the fact that crypto is usually used as a tool for illegal activities. The government has also threatened to impose a fresh ban on the use of digital assets despite lifting it just three months ago.

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