Bitcoin Loan Tax Scandal Busted as Call Center Scheme Gets Caught in India


In the Mumbai suburb that is of Mira Road, a fraud scheme with the use of bitcoin has just been unearthed. The scheme was involving duping various foreigners into parting with their cash; this was by informing these individuals that they are behind with some of their tax payments, this is according to the Hindustan Times.

They were able to obtain some personal information from their victims; this was including the current loan arrears that they had and take home salaries. The perpetrators who were involved with the scheme would go ahead and call their victims and from here is when they were able to demand that the loan tax that they owed needed to be paid immediately, and payment should be made through bitcoin.

According to the Assistant Superintendent of Police, Atul Kulkarni, the scheme was being carried out from a call center that was situated in the Mumbai suburb. An arrest was made of seven people who are between the ages of 22 to 42; this was after the police were able to raid the premises from a tip-off they received. The equipment’s found in the premises including computers were immediately seized.

But investigations of the crime are still ongoing as they are yet to determine the amount of money that the fraudsters were able to obtain.

We are calling you from the IRS

This particular bitcoin scam is very similar to another which was successfully unearthed about two years ago in the same area. At the time, 6,400 residents of the US were unfortunately duped in the scheme, where they paid millions of dollars with the same tactic where the fraudsters were claiming to be officials of the IRS.

As it has been reported numerous times by the CNN, the crypto-coin fraud being conducted in India keeps hitting the headlines. Divyesh Darji, Satish Kumbhani, and Dhaval Mavani who are Indian nationals are believed to be some of the principal operators of the Ponzi scheme in Bitconnect.

There are million dollar Ponzi schemes

The Bitconnect was designed with its own token, an adequate investing platform as well as a crypto exchange making it able to operate as a multi-level marketing scheme. The company was able to lure several investors with the promise they will be able to earn very high monthly returns from the several referrals that they would make.

The scheme was able to operate beyond India as it also included the US, this is where a cease and desist order in Texas marked the very beginning to end the Ponzi scheme.

This is not all when it comes to the schemes that are running on the web; another is the GainBitcoin scheme where Amit Bhardwaj was behind. It is believed that the scheme has raked in over $150 million. Just like Bitconnect the platform was also designed to work as a multi-level marketing scheme where they were able to promise investors a return of 10% on capital invested.

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