Cryptocurrencies rose to fame in the past few years with people eyeing virtual currencies as the future of transactions. While banks and the government are well aware of its value and working procedure, it is a bit complicated for us laymen to catch. And hence, the world of cryptocurrencies have given an opportunity to the scammers, to make a business out of it, by cheating people.
According to the Times of India, one such cryptocurrency racket was busted by the city police on Sunday after Umeshchand Jain, a resident of Surat, alleged that the accused duped him of 1.2 crores!
The gang which chose to dupe the people of Mumbai, Surat, Gujarat, and Uttar Pradesh had earned a whopping 100 crore rupees by successfully carrying on the fraud. In Umeshchand’s case, the gang illegally transferred his money from his bank account to an account in UP.
To start their venture, they introduced a cryptocurrency of their own and named it Cashcoin. According to Inspector Sunil Jadhav, they used to hold meetings in Mumbai, Surat, Gujarat, and UP where they promised people of doubling the money they invest. Initially, they repaid a few customers to gain the trust of the others but soon started looting people.
Sanjay Sontakke (44), Rajnikant Kumavat (46), Alpesh Barodia (32), and Kirankumar Panchsara (38), are the four members of the gang who have been arrested. A search for the fifth one, Ashok Goyal is currently on. Ashok, who hails from Surat is believed to have played a major role in the scam.
The case brings forward the dangerous extortion that goes on in the name of digital transactions. We would advise you to inquire properly before investing your hard earned money in the cryptocurrency business.
It’s always good to follow Warren Buffet’s golden advice. He famously said, “I never invest in anything that I don’t understand.”