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Indian law enforcement officers detained a resident of the city of Mangalore, Karnataka, on suspicion of organizing a cryptocurrency pyramid Max Crypto Trading. With its help, more than 50 investors lost $200,000.
The investigation against Kunjathbail Mujib Sayyad was launched at the end of 2022. MAX App was available in the Android app stores. The service guaranteed investors a profit and promised a refund of funds within 150 days from the date of investment. Investors were offered a commission of 2% for each attracted investor.
The founder of Max Crypto Trading stated that he has connections with major cryptocurrency traders. The project's headquarters are located in the city of Ajman, in the United Arab Emirates, project representatives said. According to law enforcement officers, the fraudster acted exclusively online, without having physical offices even in India.
According to the victims complaints, the Max Crypto Trading project initially paid investors profit in US dollars. However, just 50 days after the launch, Max Crypto Trading "disappeared". In total, the cryptopyramid raised INR 1.66 crore (about $200,000) from 52 investors.
Majib Sayyad has been charged under article 420 of the Indian Penal Code (fraud and theft of property). The violator is also charged with abuse of trust and participation in a criminal conspiracy. Other members of the project team are still at large.
The investigation against Kunjathbail Mujib Sayyad was launched at the end of 2022. MAX App was available in the Android app stores. The service guaranteed investors a profit and promised a refund of funds within 150 days from the date of investment. Investors were offered a commission of 2% for each attracted investor.
The founder of Max Crypto Trading stated that he has connections with major cryptocurrency traders. The project's headquarters are located in the city of Ajman, in the United Arab Emirates, project representatives said. According to law enforcement officers, the fraudster acted exclusively online, without having physical offices even in India.
According to the victims complaints, the Max Crypto Trading project initially paid investors profit in US dollars. However, just 50 days after the launch, Max Crypto Trading "disappeared". In total, the cryptopyramid raised INR 1.66 crore (about $200,000) from 52 investors.
Majib Sayyad has been charged under article 420 of the Indian Penal Code (fraud and theft of property). The violator is also charged with abuse of trust and participation in a criminal conspiracy. Other members of the project team are still at large.
