A Major Cryptocurrency scam has happened in India, again. The Chennai police in India are investigating a potential major cryptocurrency fraud that involved criminals duping a Chennai woman out of nearly $26,000 (INR 17 Lakhs) by convincing her to invest in abandoned digital currency Wowcoin.
The report identified the victim as pharmacist Indrani Maruthamuthu from West Mambalam. She met the primary suspect Madhesh, an agent of Wow Digital solutions, through Facebook and identified the other people involved in the scam as Padmaj Bommi Shetty Srinivasalu, Aarthi Anavaram Bommishetty, and Clint Joseph Rodriques. They are all directors of Wow Digital Solutions Pvt Ltd.
After this conversation, Madhesh introduced her to the company’s directors Padmaj Bomishetty Srinivasulu and Aarathy Anavaram Bommishetty and Clint Joseph Rodrigues who convinced her to invest in the cryptocurrency.
One of the investigating officers said:
“We have received only one complainant so far, but we expect more. Indrani said in her complaint that she learned about Wowcoin through D Madhesh, whom she befriended on Facebook.”
The company’s directors mentioned above, who reside in Annanagar, promised her that Wow coins would grow 10 times in the first year and 1000 times in the third year. The also claimed that Wow coins would beat bitcoins in the future.
Indrani’s complaint, she states that,
“They made me believe by showing the company’s pamphlets, promotional videos of celebrities and cash withdrawal receipts, photos of selling Wow coins. They also showed me a list of 3,000 existing investors, which made me fully believe their promise.”
According to the police, Indrani was also added to WhatsApp group by Madhesh called “Wow Trade Coin” which claims to be comprised of “like-minded cryptocurrency investors.” The suspects allegedly told Indrani that they manage Wow Trades operations in India and convinced her to invest in Wowcoin with a promise of hefty returns in a few years.
As result of being carried away by the scheme, Indrani invested Rs 17 lakh in 2016 and the directors even reportedly said that she could withdraw her principal amount back anytime.
But Indrani grew suspicious after the group failed to provide any returns on her investments and decided to call the police.
The cryptocurrency scams in India have been growing at an alarming late. With Coinsecure hacked, ending up losing Bitcoins and another company creating fake bitcoin schemes defrauding as many as 5000 people, it is yet to be seen how people investing in cryptocurrencies take a lesson and grow aware of the scams.
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