The cases of Bitcoin frauds in India have been on a rise like never before. Many people are duped of a lot of money in the name of ponzi schemes.
According to a news coverage by Indian Express, a businessman from southeast Delhi was duped of approximately Rs 91 lakh after being promised to be offered bitcoins from an international exchange firm.
The businessman, Seyad Rehan Ali who belongs to Jamia Nagar in Delhi told police that he was introduced to the firm by a person he met at a bank, who claimed to be a representative of the MNC. A case was registered at Vasant Vihar police station after the victim’s complaint.
Ali who runs a printing shop was promised three times the amount on his investment.
Ali told police that he met the fraudster brothers Dev Kant, Ravi Kant and Arun Kant at the Vasant Vihar branch of a private bank in 2017, who said that they were working at an exchange firm dealing in cryptocurrency. Ali said,
“He later called me and started offering deals for buying bitcoins. I bought one for Rs 5.4 lakh. As soon as I paid the money, I received a message on my phone updating me about the purchase. I sold them a month later for Rs 6 lakh,”
Ali told after this they started making bigger claims.
“They asked me to invest Rs 91.2 lakh lakh, promising a 5% discount and a growth of three times,”
Ali did not have that much savings and borrowed money from his family, colleagues and neighbors and said he would return the money after 20 days in January 2018.
He went to the company’s office with the amount but was told that the bitcoins would be transferred to his wallet after the money was transferred to China. The cryptocurrency would then be sent from Dubai after getting a confirmation on the money transfer.
After Ali paid the money to the accused, he was told to wait at a mobile recharge shop till 11 pm before the owner asked him to leave. The brothers then told him to book a hotel room in Paharganj. On trying their phones, Ali found that the accused had switched off their mobile phones and had run away.
The following day, Ali didn’t get Bitcoins as the accused claimed that their father was ill. They gave him a cheque for Rs 91.2 lakh before leaving the hotel. When Ali tried to encash the cheque, it bounced.
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