29 February, 2024

Indian police arrest suspect in $31 million cryptocurrency fraud

1 year ago

12 Dec, 2023

According to a report from the local media in India, law enforcement officers in the state of Maharashtra have detained a man on suspicion of defrauding 1,441 investors in a bogus bitcoin investment scheme.

There have been a total of 24 investors who have come forward claiming they were scammed out of Rs. 44 lakh so far. According to the report, the scheme might include more than 31.2 million dollars and is operating across India.

According to the article, the individual was taken into custody by the Economic Offence Wing (EOW) of the Thane police, which investigates crimes related to economics and finances. The guy was taken into custody in the city of Thane, which is located in the state of Maharashtra in western India.

In related developments, on Friday of last week, the Hyderabad Narcotic Enforcement Wing was successful in dismantling a drug trafficking organization that was operating over the dark web. In addition to that, they seized two persons referred to as “dark web kingpins” along with six other individuals accused of being drug dealers for illegal transactions using cryptocurrencies.

Interestingly, the Indian police stated in a statement that transactions related to the distribution of illicit drugs had been carried out using various cryptocurrencies all around the nation.

These dealings were executed on a number of different cryptocurrency exchanges, including WazirX, Binance, and the Monero crypto exchange, which are all situated within the same geographic region.

The Indian government has had a difficult time enforcing rules and regulations regarding the buying, selling, and trading of cryptocurrencies. The governor of the Reserve Bank of India has warned that this kind of investment is very risky, therefore it’s important to keep an eye on any new threats in the financial markets. He, however, continued by saying that the potential of the included technology is enormous.


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