The Odisha Cybercrime Department of Cybercrime found out that scammers positioned their platform as a Japanese cryptocurrency exchange Zaif, which in 2018 suffered from hacking $ 60 million. However, there was no connection between the exchange and the fraudulent application.
A woman who posing as a software developer IBM from Hong Kong has contacted an Indian businessman through Facebook. She convinced the man to invest in the SAIF fake platform, promising him 200% of the invested amount.
Over a month, the businessman transferred more than 6 crops of Indian rupees (about $ 699,352) to several accounts controlled by scammers. To increase the confidence in the scheme, the attackers sent false information about profit to the victim.
When the man tried to withdraw his money along with the “profit”, he was asked to pay an additional fee to open access to funds. Having received a refusal, scammers stopped contacting the investor. Realizing that he was deceived, the businessman turned to the police. Investigators tracked the suspects with the help of digital traces, after which they arrested.
Recently, the India police revealed another scam using the RSN token – the organizers of the scheme promised investors a daily profit of 2%. In the course of the investigation, it turned out that investors were converted into Tether stabbleco (USDT) through cryptocurrencies, and losses amounted to $ 1.14 million to $ 2.29 million. The police arrested three suspects who recognized in market manipulations and forced to invest. The main suspect is still free.
In early March, Indian law enforcement officers chose CoindCX cryptocurrency for storing cryptocurrencies withdrawn during investigations. CoindCX has created an investor protection fund after hacking the Wazirx cryptocurrency exchange to compensate users who have incurred losses due to safety violations.
Source: Bits
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