Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2000 Investors – Regulation Bitcoin News – Bitcoin News

by Kevin Helms
Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency scheme that has duped about 2,000 investors out of $5.4 million.
Indian police have cracked down on a cryptocurrency investment scheme that has duped over 2,000 investors out of 40 crore rupees ($5.4 million).
The number of arrests reached 11, seven of whom were arrested on Sunday in Maharashtra’s Nagpur, according to PTI.
The main accused, Nishid Wasnik, and his wife Pragati, along with two other associates, Gajanan Mungune and Sandesh Lanjewar, were arrested one day prior in Pune. They went into hiding in March last year and had been on a run until they were arrested Saturday, the police said.
An official described that Wasnik used to flaunt his luxurious lifestyle to lure people to invest in a firm he claimed to be dealing in ether (ETH) cryptocurrency. The official was quoted as saying:
He manipulated the website of the firm to show a steady rise in the value of investments while transferring money into his accounts fraudulently between 2017 and 2021.
The police said all 11 people were charged under IPC, Maharashtra Protection of Interest of Depositors Act and Information Technology Act provisions by Yashodhara Nagar police.
Referring to the accused, the official added:
He had even organized a seminar on cryptocurrency investment in Pachmarhi in Madhya Pradesh.
What do you think about this case? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Farmville Creator Zynga to Launch NFT Games, Says Gaming Firm’s Blockchain Lead
American social game developer Zynga has plans to launch non-fungible token (NFT) games in the near future. Zynga’s vice president of blockchain, ​​Matt Wolf, told the press that the company is looking at the cycle right now and “figuring out … read more.
PUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects
Krafton, the parent company of Bluehole, developers of PUBG, a popular battle royale game that has earned more than $300 million in 2021, announced it will redirect some of its activities toward developing NFT and metaverse-related projects. The company says … read more.

Check all the news here