According to the complaint, the victims wanted to protect their pension savings, so they believed the tempting promises of high profits in a short period of time. A certain cryptocurrency platform assured investors that they could double their investments within 20 months and guaranteed investors a profit of 10% of the amount deposited.
The cryptocurrency scheme’s organizers actively promoted their investment products through seminars held in the Indian cities of Lonavla and Wagholi earlier this year. The events were initially positioned as educational initiatives to inform potential investors about the benefits of cryptocurrencies. However, it turned out that the educational conferences were organized to attract investors to the crypto scheme.
The director of the firm, along with his partner, who is also a former military man, had previously been arrested on similar charges. They are now back in custody at Yerawada Prison. Police are seeking court approval to question the detainees further to gather more evidence in the cryptocurrency scam case. Investigators are looking into whether there are other victims who may have been duped by the crypto scheme’s organizers.
In June, Indian law enforcement arrested the creator of the cryptocurrency pyramid Max Crypto Trading, in which more than 50 investors lost $200,000. In August, local police detained a man on suspicion of kidnapping people promoting the BitConnect crypto platform.
Source: Bits
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