Six people have been arrested in a crypto scam which includes 5 people and a police inspector. They were arrested because of the scam and according to one of the news it was mentioned that they were operating several crypto ponzi schemes.
A Ponzi scheme is an investment where fraud is involved in terms of any payments between parties. This fake company has announced to launch its own crypto token and was caught when one of the investors filed a complaint against the company. This was due to his loss which he suffered.
This incident is very shameful for the Indian crypto markets which can have the adverse effect on the trading in its initial phase. It can also affect the foreign investors as they might turn their backs and leave the Indian crypto market with a loss.
31 People fooled by ‘NCR Coin’
There was yet another scam in Surat where one of the property dealers was fooled by the NCR coin LLP company and he files a case against that company. The scam was again the same as the company was selling its own crypto coins which were fake and were useless with no value.
They were operating through their fake website which includes portals likes www.ncrcoin.com, www.ncrcoin.org etc. Currently, all these websites are not in use and they are inactive after the scam is revealed. Gangani was the person who has made the investments in NCR coin LLP along with 30 people known to him. The total investment to this company was about $2 million USD which the company had promised to return the amount with some profits. After some time when they failed to do so, the people file a complaint against the company. The police are investigating the matter.
When the matter was still under investigation Gangani meanwhile tried calling to the owner of NCR Coin LLP Mr. Rohit Kapopara, he gave him an excuse stating a fake kidnapping and told him that all the company’s holdings have been acquired by the Kidnappers. For a proper investigation, the report has been passed to a mastermind of the fraudulent case inspector L.B. Dabhi.
Investors fall for attractive crypto schemes
Many of the investors are looking to invest in cryptocurrency and this is very risky for them as the fraud cases being one of the main concern. As discussed Indian scams were the examples where the investors ran away, there is not just one many a series of incidents about the crypto scam. By all these scams happening one has to take the lead and we have Mr. Amit Bhardwaj, who invented an ecosystem of fake crypto services.
Indian celebrities promoted the idea and it will help many investors for their safe investments in India. In recent times even, politicians were caught in the crypto scam which was shocking.