As we know, Cryptocurrency is regarded as the future of money and people yet have insufficient knowledge about this technology. That lack of knowledge is an excellent opportunity for digital scammers.
Regardless, several warnings issued by the Reserve Bank, people in India continue to fall for crypto currency frauds.
A group of Indian scammers pulled of an interesting heist worth $2 million by promising the investors “soaring returns at an exponential rate” but the investors receive nothing at the end of the trade.
People were scammed via websites such as bet2bet and Monivo.
One of the website, Monivo’s home page features quotes from Bill Gates, Richard Branson, and Eric Schmidt — likely an attempt to create the perception of them support the company.
The anti-terrorist squad (ATS) of Rajasthan police has exposed a Bitcoin fraud worth INR 150 million ($2 million).
Number of people affected is still unidentified but it is expected that the list may include people from all over the country.
So far, the anti-terrorist squad has grabbed four accused, who are believed to be the main masterminds behind this con job.
Under the various sections of the Indian Penal Code (IPC), a report has been filed against the accused for breach of trust, cheating, and criminal conspiracy.