Local media stated that Indian authorities arrested 11 people over the weekend in connection with a crypto scam that allegedly leveraged the temptation of big returns to defraud 2,000 investors out of US$5.4 million (INR 400 million).
11 people arrested over the weekend in connection with a crypto scam
As we can see in today’s latest cryptocurrency news, Indian police busted a $5.4 million crypto fraud operation and detained 11 people in the process.
The police in Nagpur detained 11 persons in connection with a crypto scam that garnered $5.4 million during a police raid. The Indian police have detained 11 persons in connection with a high-profile cryptocurrency scam that defrauded investors out of $5.36 million.
According to the Times of India, police raided Lonavala and arrested four people, taking gold, fancy vehicles worth $134,000, laptops, cell phones, guns, and $25,000 in cash. Nishid Wasnik and Pragati, husband and wife, and Sandesh were the four people arrested.
Seven people were arrested on Sunday in Maharashtra’s Nagpur in connection with a $40 million bitcoin heist. They were apprehended just one day after the main culprit, his wife, and two accomplices were apprehended in Lonavala, Pune.
According to PTI, the chief accused Nishid Wasnik used to showcase his opulent lifestyle to entice others to invest in a company he claimed dealt in the cryptocurrency ‘ether.’
A pistol, seven live cartridges, four luxury cars valued at roughly US$134,000, eight cellphones, a laptop, and over US$25,000 in cash were recovered by police. Wasnik and two other people arrested on Saturday are suspected of kidnapping and murdering a victim. Authorities nabbed suspects in a large US$162 million crypto fraud last month, indicating that crypto scams are on the rise in India in terms of both scope and numbers.
“We have seized a pistol, seven live cartridges, four luxury cars worth Rs one crore, Rs 18,91,210 cash, eight cellphones, and a laptop. They were held from Pangoli near Lonavala in Pune. Nishid, Sandesh, and Gajanan are also accused of gunning down a person in Washim after abducting him from Nagpur last year,” the official said.
Between 2017 and 2021, Wasnik allegedly altered the firm’s website to portray a constant rise in the value of his investments while fraudulently transferring money into his accounts, according to the official.
Wasnik even hosted a cryptocurrency investment seminar in Panchmarhi, Madhya Pradesh. He went missing in March of last year, leaving the investors in the dark, before being apprehended on Saturday in Pune.
All those arrested have been charged under the Indian Penal Code, the Maharashtra Protection of Depositors’ Interests Act, and the Information Technology Act.
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