India Arrests $31 Million Cryptocurrency Scammers
Indian police in the country’s second most populous state, Maharashtra, have arrested a fraudster in Thane city who allegedly took money from 1441 investors worth 2.5 billion rupees (31.2 million dollars).
According the country’s local media outlet, Indian police force in the country’s second most-populous state, Maharashtra, has pinched a fraudster in Thane city, who had allegedly taken the money of 1441 investors and vanished in thin air.
The crypto scammer may have significantly looted the money, an excessive 2.5 billion rupees ($31.2 million). Notably, only 24 investors have appeared to file their cases so far. They collectively lost $55,085 in the scam.
The con artist used two fictitious apps called “SMP” and “Magic 3x” on the platform established to get investors to withdraw their money.
The culprit was apprehended by the Economic Offence Wing (EOW), a specialized unit of the Thane police department that looks into economic crimes.
In India, the government has been aggressive with digital assets from the start, in addition to the development of blockchain technology and local interest in cryptocurrency. For instance, the Indian government has suggested a 30% tax on cryptocurrency revenues.
Notably, the cryptocurrency industry expanded its boundaries in India in recent years. But unfortunately, cybercriminals and crypto fraudsters also ramped up their efforts to loot investors’ hard-earned money in this sector. As a result, it put the law-enforcement forces on their toes and led government authorities to stricter regulations.
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