Indian law enforcement agencies have reported that they have uncovered a cryptocurrency scam. The pyramid has existed since 2017 and brought the organizers more than $5 million.
Four suspects were detained on Saturday, February 19, and seven more on Sunday. Nishid Wasnik is called the leader of the cryptocurrency pyramid. With the help of the site, he lured pyramid investors, while, law enforcement officers assure, he constantly falsified data on the success of investments. According to the figures on the site, the capital of the pyramid participants was constantly growing. Vasnik conducted seminars on investing in cryptocurrencies, where he also found clients.
According to the assurances of law enforcement agencies, Vasnik and his associates managed to deceive more than 2,000 people. The pyramid operated from 2017 to 2021 and brought in about $5.4 million to the organizers. During the raid, police confiscated $134,000 worth of luxury cars, several mobile phones, and approximately $25,000 in cash. The confiscated funds in cryptocurrency have not yet been reported. Vasnik has been hiding from the police and investors since March last year.
In January, Indian police cracked down on another cryptocurrency pyramid scheme, Morris Coin. Almost $5 million worth of assets were confiscated from the organizers of this scheme.