11 arrested for defrauding more than 2,000 cryptocurrency investors, bringing the total to $ 5.4 million
Indian police have cracked down on a cryptocurrency investment scheme and over 2,000 investors have been duped and managed to Raise l5.4 million.
The number of arrests reached 11, with seven of them arrested on Sunday in Nagpur, Maharashtra state, according to the Pakistan news agency.
The main accused, nishid Wasnik, and his wife Pragati, along with two other colleagues, Gajanan mongun and Sandesh langwar, managed to escape and went into hiding in March last year and were on the run until they were arrested on Saturday, police said.
An official described that wassnik was boasting of his luxurious lifestyle to lure clients to invest in a company he claimed was dealing in Ethereum.
The official was quoted as saying:
He manipulated the company's website to show a steady rise in the value of investments while fraudulently transferring funds to his accounts between 2017 and 2021.
The police said that all 11 people were charged under the protection of the interests of the Depositors Act of Maharashtra and the provisions of the Information Technology Act by the electronic police Yashodhara Nagar.
Referring to the accused, the official added: He even organized a seminar on investing in cryptocurrencies in Pachmarhi in Madhya Pradesh.
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