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11 arrested in 2,000 investor cryptocurrency scam in India

So far, 11 people have been detained in India in connection with a fake cryptocurrency operation that defrauded 2,000 people out of $5.4 million.

In India, 11 people have been arrested as a result of a cryptocurrency scam.
Over 2,000 people were cheated out of 40 crore rupees ($5.4 million) by a bitcoin investment scheme in India, according to authorities.

According to PTI, the number of arrests has risen to 11, with seven of them made on Sunday in Nagpur, Maharashtra.

Nishid Wasnik, his wife Pragati, and two other associates, Gajanan Mungune and Sandesh Lanjewar, had been detained one day before in Pune. They went into hiding in March of last year and remained on the run until they were apprehended on Saturday, according to authorities.

Wasnik used to display his affluent lifestyle to entice people to invest in a corporation he claimed to be dealing in ether (ETH) cryptocurrency, according to an official. According to a source, the official said:

Between 2017 and 2021, he altered the firm’s website to portray a consistent rise in the value of investments while fraudulently moving money into his accounts.

Yashodhara Nagar police charged all 11 people under the IPC, Maharashtra Protection of Depositors Act, and Information Technology Act provisions, according to the police.


The official went on to say about the accused:

He even hosted a cryptocurrency investment seminar in Pachmarhi, Madhya Pradesh.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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