A district court in the city of Chandigarh, India arrested 2 individuals on charges of defrauding the businessman with US$ 1.5 billion. They had lured him with the scheme of cryptocurrency investing. The criminals were produced in the District Court which sent them into custody for 3 days. However, the police were of the opinion that the custody of the criminals needed further investigation
Cryptocurrency fraud
The names of the criminals are Sanchit and Rajesh Kumar. The criminals were arrested from New Delhi. They knew the businessmen before conducting the fraud. The alleged people fraudulently transferred money of worth over $50,000 to different accounts of the main accused. This is the reason why police wanted a longer custody period for these 2 criminals.
The cyber cell of Chandigarh has filed by fire against the 2 criminals for duping the businessmen of approximately $1.5 million. The main accused Amit Bhardwaj is also named in the fire. He is said to be the owner of Gain Bitcoin. He has lured other individuals as well with the promise of astronomical returns from Bitcoin as well as other cryptocurrencies. He has capped at around 8000 people. The amount involved in the scam is $ 300 million.
According to the complainant, Amit Bhardwaj had lured him with the promise of high returns. The main accused was arrested for cheating thousands of people; the complainant opened his cryptocurrency holding account to notice that there was no Bitcoin in his account. That is when he went ahead and registered a complaint with the cyber cell department.
The main accused Amit Bhardwaj is lodged in the Pune Jail. Police are most likely to send a notice for further integration as well.
As cryptocurrencies become more and more popular, it is up to the investors to be more alert about the cryptocurrency scams. This incident is a typical example of wherein trusting each and every person who offers them high returns in cryptocurrencies leads them to a greater problem. It is time that the conduct proper due diligence on the cryptocurrency investments which are on offer. Only once they are able to conduct proper due diligence, such scams can be avoided. Also, authorities all over the world need to work in conjunction so that they are able to crack down on such cryptocurrency scams. When the cryptocurrency scams are caught, it will become easier for people, in general, to invest in cryptocurrencies easily.
It remains to be seen whether the amount is recovered from the kingpin of this cryptocurrency scam or whether the investors do not get anything back.