The Indian police is in the cryptonews today for registering a case against five individuals who are suspected of involvement in a cryptocurrency scam that defrauded investors since 2017.
As we can see from the details published on the media outlet New Indian Express, the crypto scam has been operating for several years but the scammers are only believed to have made away with modest bounty of around $34,200.
Still, the Indian police is looking for the group, which is believed to have solely operated in the Maharashtra state and the district of Palghar. On June 13, the media outlet reported that five people had been booked for allegedly defrauding investors under the guise of cryptocurrency investment.
We can also notice that the group promised exorbitant returns to those who invested in crypto assets from them, soliciting payments in the form of cash and cheques. The group was popular in the Bitcoin scams news and after all of the funds were received, the scammers became increasingly evasive in their interactions with investors as the Indian police noted.
What is important to note is that none of the accused fraudsters have been arrested so far. Last month, there was a similar search for Amrit Bhardwaj and Vivek Bhardwaj – known as the two brothers who operated India’s notorious multi-level marketing cryptocurrency scam GainBitcoin – and the case was transferred from the Cyber Cell to the local police’s Crime Branch.
All of this shows that Indian police have been increasing their efforts towards penalizing scams like these and bringing crypto scammers in the country behind bars. Recently, the police even announced a breakthrough. Then, it said that it will use an AI-powered web portal for deep web policing and team up with international regulators to bust anonymous free market vendors who are peddling unlicensed pharmaceuticals or narcotics.
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