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Indian law enforcement agencies are investigating the activities of a cryptocurrency fraudulent scheme that affected 320 residents of Andhra Pradesh. The total losses of investors amounted to about 23 crore rupees ($2.73 million).
According to the police, the organizer of the crypto scheme, named Ramanjaneyulu, promised investors a fixed monthly profit of 10% for every 100,000 rupees ($1,188) invested. In advertising his service, Ramanjaneyulu used the names of major cryptocurrency exchanges Binance and OKX.
The fraudulent scheme has been operating since 2021. Ramanjaneyul managed to deceive a wide range of individuals, including local businessmen, politicians, civil servants, and ordinary traders. Some victims even took out loans to invest in the crypto scheme.
Indian law enforcement officers noted that between October 2023 and March 2024, Indian citizens lost about 500 crore Indian rupees (about $60 million) on investments in dubious cryptocurrency projects. Over the past month, the police have also received a large number of complaints about crypto scammers.
In October, Indian authorities launched an investigation into a cryptocurrency trading app whose creators promised depositors a return of up to 50%. However, the platform shut down abruptly, causing more than 700 investors to lose a total of $119,000.
In addition, last month, Delhi police arrested the organizers of the fraudulent M/s Goldcoat Solar crypto scheme, which focused on the development of renewable energy sources.
According to the police, the organizer of the crypto scheme, named Ramanjaneyulu, promised investors a fixed monthly profit of 10% for every 100,000 rupees ($1,188) invested. In advertising his service, Ramanjaneyulu used the names of major cryptocurrency exchanges Binance and OKX.
The fraudulent scheme has been operating since 2021. Ramanjaneyul managed to deceive a wide range of individuals, including local businessmen, politicians, civil servants, and ordinary traders. Some victims even took out loans to invest in the crypto scheme.
Indian law enforcement officers noted that between October 2023 and March 2024, Indian citizens lost about 500 crore Indian rupees (about $60 million) on investments in dubious cryptocurrency projects. Over the past month, the police have also received a large number of complaints about crypto scammers.
In October, Indian authorities launched an investigation into a cryptocurrency trading app whose creators promised depositors a return of up to 50%. However, the platform shut down abruptly, causing more than 700 investors to lose a total of $119,000.
In addition, last month, Delhi police arrested the organizers of the fraudulent M/s Goldcoat Solar crypto scheme, which focused on the development of renewable energy sources.
