$120M crypto scam unveiled in India

TL;DR Breakdown

  • Law enforcement authorities in India managed to apprehend the key figures responsible for orchestrating a multi-million dollar fraudulent venture that exploited the cryptocurrency space. 
  • The extent of the deception is staggering, as reports suggest that this scheme managed to amass a staggering Rs 1,000 crore (equivalent to 10 billion rupees or approximately $120 million) from unsuspecting victims.

Description

The Indian Express reported a significant breakthrough in the ongoing battle against cryptocurrency-related Ponzi schemes in India on August 8th. Law enforcement authorities managed to apprehend the key figures responsible for orchestrating a multi-million dollar fraudulent venture that exploited the cryptocurrency space. The scam, centered around a cryptocurrency initiative named STA Crypto Token, claimed to … Read more

The Indian Express reported a significant breakthrough in the ongoing battle against cryptocurrency-related Ponzi schemes in India on August 8th. Law enforcement authorities managed to apprehend the key figures responsible for orchestrating a multi-million dollar fraudulent venture that exploited the cryptocurrency space. The scam, centered around a cryptocurrency initiative named STA Crypto Token, claimed to combine cutting-edge solar technologies with the power of blockchain.

The extent of the deception is staggering, as reports suggest that this scheme managed to amass a staggering Rs 1,000 crore (equivalent to 10 billion rupees or approximately $120 million) from unsuspecting victims. This widespread scam targeted a vast pool of individuals, numbering around 200,000. Among these were 10,000 residents of Odisha, a state in India. The fact that so many individuals fell prey to this scheme underscores the pervasive nature of the fraud and its ability to ensnare even those with a basic understanding of cryptocurrencies.

The successful arrests were carried out by the Economic Offence Wing of the Odisha police. The key individuals apprehended are Gurtej Singh Sidhu, who was at the helm of the fraudulent project, and his associate Nirod Das. Sidhu, who managed to evade arrest for some time by continually changing locations, was finally caught. Jai Narayan Pankaj, the Inspector-General of the Economic Offense Wing, highlighted the concerted efforts that law enforcement had undertaken to track down Sidhu, emphasizing the pursuit spanning several days.

Crypto scam unearthed in India

Upon investigation, police unveiled a disturbing trail of transactions amounting to more than Rs 30 crore (equivalent to 300 million rupees or approximately $3.6 million) in Das’s bank account. These funds were intricately linked to the fraudulent activities associated with STA Token.

What’s particularly concerning is that this cryptocurrency scam operated across multiple regions within India, leveraging its fraudulent nature to target individuals from various districts. It’s important to note that the scam operated without official approval from the Reserve Bank of India or any other regulatory authorities. 

By capitalizing on buzzwords and promoting eco-friendly promises, the fraudsters concealed the true nature of their operation, masking it behind the façade of a legitimate venture. Police underscored the sophistication of this operation, highlighting the elaborate promotional strategies employed by the scam’s leaders. These strategies included hosting lavish events such as luncheons and dinners at upscale hotels, complete with guest speakers and musical performances.

Although the project’s website was hosted in Iceland, it’s crucial to emphasize that the scam was exclusively operational within India. This serves as a reminder that despite the global nature of cryptocurrencies, scams can be localized and specifically targeted at certain regions.

Regrettably, this cryptocurrency scam is not an isolated incident in India. Earlier in the year, authorities took action against a project called HPZ token, seizing nearly $12 million associated with the venture. Additionally, other crypto-related frauds have come to light, including those linked to entities like Morris coin, GainBitcoin, and a Karnataka-based scam.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:$120M crypto scam unveiled in India

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月9日 20:06
Next 2023年8月9日 21:02

Related articles

  • Lacoste embraces the future with Ethereum NFT-exclusive virtual store

    TL;DR Breakdown Lacoste has launched a new virtual store, offering an immersive shopping experience that includes an exclusive underwater VIP space for holders of Lacoste’s UNDW3 tokens on the Ethereum blockchain. The VIP area showcases an exclusive UNDW3 apparel collection and hosts an exclusive level of a scavenger hunt game, offering weekly prizes throughout the summer. This initiative marks a significant milestone in the integration of blockchain technology and NFTs into traditional retail, potentially influencing the broader retail landscape and prompting other brands to consider similar strategies. Description Lacoste, the globally recognized fashion brand, has taken a significant step forward with the launch of a new virtual store for its summer collection. This innovative digital platform, developed in collaboration with retail technology developer Emperia, offers an immersive shopping experience that transcends the traditional retail model. The virtual store, accessible via Lacoste’s e-commerce platform, … Read more Lacoste, the globally recognized fashion brand, has taken a significant step forward with the launch of a new virtual store for its summer collection. This innovative digital platform, developed in collaboration with retail technology…

    Article 2023年7月27日
  • OpenAI temporarily disables “Browse with Bing” feature in ChatGPT

    TL;DR Breakdown OpenAI temporarily disables the “Browse with Bing” feature in ChatGPT due to concerns over unintended access and bypassing paywalls. ChatGPT Plus subscribers expressed mixed reactions to the removal of the browsing functionality, with some feeling it diminishes the value of their subscription. OpenAI appreciates user feedback and assures subscribers that they are actively working to resolve the issues and bring back the feature. Description OpenAI, the creator of the popular language model ChatGPT, has made the decision to temporarily disable its “Browse with Bing” feature due to concerns over potential misuse. The company announced that the feature, which allowed ChatGPT users to access the full text of URLs, was displaying content in unintended ways, bypassing paywalls and privacy settings. … Read more OpenAI, the creator of the popular language model ChatGPT, has made the decision to temporarily disable its “Browse with Bing” feature due to concerns over potential misuse. The company announced that the feature, which allowed ChatGPT users to access the full text of URLs, was displaying content in unintended ways, bypassing paywalls and privacy settings. We’ve…

    Article 2023年7月7日
  • Bitstamp and Interactive Brokers added to U.K. crypto register as regulation gains momentum

    TL;DR Breakdown Crypto exchange Bitstamp and brokerage firm Interactive Brokers are the first companies added to the U.K. crypto register in six months, indicating progress in regulatory compliance. The Financial Conduct Authority’s register ensures that crypto firms meet anti-money laundering and terror financing regulations, with a total of 42 approved companies so far. Bitstamp emphasizes the importance of increased regulation for mainstream adoption, while Interactive Brokers expands its crypto offerings in line with regulatory standards. Bitstamp and Interactive Brokers have become the first companies in six months to be added to the U.K. crypto register, signaling a significant milestone in the country’s efforts to regulate the cryptocurrency industry. The register, maintained by the Financial Conduct Authority (FCA), serves as a list of crypto firms that have met stringent anti-money laundering and terror financing regulations. This development comes as part of a broader push by regulators to enhance oversight and protect consumers in the rapidly evolving crypto space. Bitstamp, the world’s oldest crypto exchange, announced its addition to the U.K. crypto register on Tuesday. Previously registered in France, Spain, and Italy,…

    Article 2023年6月16日
  • Coinbase to halt USDT trading for Canadian users- here is what you need to know

    TL;DR Breakdown Coinbase has recently announced its decision to suspend trading of certain stablecoins for Canadian users starting from August 31. Despite the suspension of trading, Canadian users will still retain the ability to deposit and withdraw these stablecoins even after the specified deadline. Description Coinbase, a prominent cryptocurrency exchange, has recently announced its decision to suspend trading of certain stablecoins for Canadian users starting from August 31. This development comes as part of Coinbase’s ongoing efforts to ensure that the assets listed on its platform align with its stringent listing standards. In an email notice circulated on August 17, … Read more Coinbase, a prominent cryptocurrency exchange, has recently announced its decision to suspend trading of certain stablecoins for Canadian users starting from August 31. This development comes as part of Coinbase’s ongoing efforts to ensure that the assets listed on its platform align with its stringent listing standards. In an email notice circulated on August 17, the exchange informed its users about the impending suspension of trading activities involving Tether (USDT), DAI, and RAI stablecoins in Canada. The…

    Article 2023年8月18日
  • Japan Blockchain Association(JBA) requests for crypto tax revision to promote web3

    TL;DR Breakdown The Japan Blockchain Association(JBA) has asked the government to change the tax system to consider cryptocurrency. JBA’s proposal suggests three crypto reforms, all aimed at strengthening the nation’s position in the distributed web3 wave. Description The Japan Blockchain Association(JBA) has asked the government to change the tax system to consider cryptocurrency. JBA asserted that their analysis of the present tax structure shows that the development of web3 businesses in Japan is constrained. In particular, it asked to cancel taxes on earnings from cryptocurrency transactions and set the tax on personal … Read more The Japan Blockchain Association(JBA) has asked the government to change the tax system to consider cryptocurrency. JBA asserted that their analysis of the present tax structure shows that the development of web3 businesses in Japan is constrained. In particular, it asked to cancel taxes on earnings from cryptocurrency transactions and set the tax on personal transactions at a flat rate of 20%. JBA wants crypto tax reforms The Japan Blockchain Association has asked the government to change the tax legislation about cryptocurrencies and digital assets…

    Article 2023年7月30日
TOP