Indian police in the state of Maharashtra caught the person accused of defrauding 1,441 investors with fake cryptocurrency.
As the crypto industry expands, new scams and scams emerge. In the past period, Indian authorities prevented a robbery worth $ 162 million. This time, he went after and arrested a criminal who deceived investors with fake cryptocurrencies.
Indian Crypto Scam Caught in Thane
Thane police’s Economic Crime Wing (EOW), which deals with economic and financial crimes, has arrested a person accused of crypto fraud in the state of Maharashtra, Times of India reported.
Arrested in Thane city of western Maharashtra state in western India, the criminal deceived 1,441 investors using fake cryptocurrencies called Magic 3x and SMP. The scammer has reportedly obtained over 2.5 billion rupees ($31.2 million) from people he swindled across India. In addition, it is stated that 24 investors who have lost 55 thousand dollars so far have come to the fore in the related fraud case.
India is also investigating 10 different cryptocurrency exchanges in the country for alleged laundering of more than 10 billion rupees ($125 million).
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