100 Crore Crypto Scam Busted In Mumbai!

2년 전

There is no dearth of scams in India and sadly many people fall for it every single day. Rapid rise in cryptocurrency popularity in India meant many scamsters also found a unique way of scamming everyone.

In the Ponzi scheme circuit Cashcoin was another major scam that screwed over many people which the Mumbai city crime branch has brought to an end. Nearly $17 million worth of INR was siphoned off from investors.

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Four people involved in the scam were arrested for duping people across Mumbai, Surat (Gujarat) and state of Uttar Pradesh with a promise of launching Cashcoin and doubling up their investments.

According to TOI The accused—Sanjay Sontakke (44), Rajnikant Kumavat (46), Alpesh Barodia (32) and Kirankumar Panchsara (38)—were arrested from Mumbai, Surat and Uttar Pradesh. Police said they are looking for another accused, Ashok Goyal, from Surat, who has reportedly played a key role in the scam.

The complaint was lodged by Umeshchand Jain, a resident of Surat, who alleged that the accused duped him of Rs 1.2 crore.

“The accused held meetings in Mumbai, Surat and other parts of Gujarat, and lured people into investing their hard-earned money by promising to double it in two months. Initially, the gang repaid a few investors to lure more people in and then defaulted. Their intention was to cheat,” said inspector Sunil Jadhav.

During investigations, police reportedly learnt that the accused had siphoned off the complainant’s money by transferring the amount from his bank’s Surat branch to a bank account in Uttar Pradesh. Police have been freezing several accounts in different parts of the country.

I request Steemians from India reading my posts to not invest in any "cryptocurrency schemes". You don't need a middleman to purchase or sell cryptos. You can do all of this yourselves.

Gullible investors have been duped in the millions of dollars in the past 2 years in India and these instances have also been a reason for the RBI banning banking services to legitimate cryptocurrency business such as exchanges in India.

It's good to want to make quick profits but don't become greedy for overnight returns in the cryptocurrency space and risk losing your funds. Goodluck.

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great work at keeping your community informed of the issue. While many in the industry are already privy to shaddy schemes and scams that exists on the space. Many of the victims are often entirely uninformed, often even lack knowledge of the cyberspace itself.

More education will definitely help people to not give away their hard earned money


Thank you! :)

I've come across many people online and offline who have faced such issues in the past two years in real life from India. So I try to keep people informed on these matters.

The rate at which scam are increasing this days is really frightened

Thanks for informing us about such an unhealthy actions of these scammers.

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Here in my city Rajkot some people also trapped in a scam people behind this scam was claiming to make some big crypto-currencies and also investing in Bitcoin and ask people to join in Multi-Level-Marketing scheme and join more and more people by investing 7500 per person for minimu....

and the people in their greed also investing in such schemes and despite of the fact I have warned couple of people not to invest in such scheme they also lost their lacs.

That is really a sad part of the cryptocurrencies.... world, even i have faced some of the scams but now i am very much cautious about these all things and now i am very much away from scams..

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Oh my god, that's really scary. It is so easy to fool people over money.

  ·  2년 전

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Your are right. Many investors get greedy and dive straight into it and get scammed.

This is a big problem in Africa too . Scammers scamming people saying they mine bitcoin in there office . I’m hoping Blockchain technology succeed in Africa it II help a lot of problems