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Indian Crypto Scammers Who Held Multiple Seminars in Dubai, Malaysia Busted

These crypto scammers used to conduct seminar in Dubai, Malaysia and different cities of India.

The Mumbai Police registered an FIR against five scammers for allegedly duping investors of INR 2.86 crore on the pretext of offering high returns by investing in a crypto called ‘BUXCOIN’.

The prime accused, Delhi resident Ganesh Sagar (47), was earlier this month arrested by the Pune Police in connection with a similar scam in the city, reported The Indian Express.

Ganesh is known to have conducted multiple seminars in Dubai, Malaysia and various cities in India, including Pune and Mumbai, urging people to invest in cryptocurrency.

In the current case, the complainant is a retired policeman who had invested INR 4 lakh in the cryptocurrency and got his relatives to invest over INR 3 lakh.

“An FIR was registered at the Pant Nagar police station last week. The accused are currently in the custody of Pune Police. We have written to the court seeking their custody for custodial interrogation in connection with the case registered by us.”

Prashant Kadam, DCP (Zone VII)

Every Sunday, the accused used to hold seminars in a hotel in Ghatkopar where he would offer the attendees high rates of return upon investing money in ‘BUXCOIN’ through their company ‘bitsolives’, revealed an officer from the Pant Nagar police station.

Along with Sagar, Prashant Brahmabhat and Chandrashekhar Bali were directors of bitsolives and one Anuj Ojha was the administrative head. All of them have also been named as accused. The fifth accused is Mohsin Jamil, owner of a company involved in blockchain development and forex trading.

The complainants had been told that they could withdraw their money after two years. And, they could check the value of their investments on the company website. However, after two years, when the complainant tried to withdraw the money, he was unable to do so. Later the website was also taken down.

The main complainant found out that Sagar had been arrested in a similar case, which prompted him to approach the Pant Nagar police where an FIR was registered against Sagar and four others.

As of now, it has been found that the accused had collected INR 2.86 crore from investors. Upon further interrogation of the accused, it will be ascertained how many investors they had duped.

Every day new scams are being busted in India. It should be pondered whether it is a good or bad thing. The real success of laws is in preventing crime rather than solving it. Government must create a framework or guidelines to make investors aware of the pitfalls of the crypto industry.

News recommendation: UAE Contemplating Paying Salaries in Crypto

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