Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors – Over 2,000 people were duped out of 40 crore rupees ($5.4 million) by a bitcoin investment scheme in India, according to authorities.
The number of arrests has grown to 11, according to PTI, with seven of them made on Sunday in Nagpur, Maharashtra.
Nishid Wasnik, his wife Pragati, and two other accomplices, Sandesh Lanjewar, and Gajanan Mungune had been arrested in Pune just one day prior. According to authorities, they went on the run in March of last year and remained on hiding until they were captured on Saturday.
Wasnik used to display his luxurious lifestyle to entice people to invest in a firm he claimed to be dealing in ether (ETH) cryptocurrency, according to an official.
According to a source, the official said:
He changed the firm’s website between 2017 and 2021 to show a continuous rise in the value of investments while fraudulently shifting money into his accounts.
Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors – According to the police, all 11 people were accused under the IPC, Maharashtra Protection of Depositors Act, and Information Technology Act regulations.
The officer went on to say the following about the defendant:
In Pachmarhi, Madhya Pradesh, he even sponsored a cryptocurrency investment seminar.