In the investigation of this scam, CBI has conducted raids in Delhi, Mumbai, Bengaluru, Chandigarh, Pune, Nanded, Kolhapur, Mohali, Jhansi and Hubli. The scam started almost a decade ago. In this, the investors were promised 10 percent monthly return for the market value for 18 months in the biggest cryptocurrency bitcoin. The scheme was run on a multi-level-marketing structure. In this, investors were lured by commission on referrals. The initial payment in it was made in bitcoin. However, later this payment was started in MCAP, the cryptocurrency started by the accused in this case. The value of MCAP was quite low. This caused heavy losses to investors.
The CBI has seized cryptocurrency, several hardware crypto wallets, 34 laptops and hard disks and mobile phones during the raids. More information about this scam will be obtained by analyzing the seized documents and electronic devices.
Recently, the Enforcement Directorate (ED) has also conducted raids under the Foreign Exchange Management Act (FEMA) in Delhi, Mumbai and Jaipur in terms of a fraud associated with Crypto. This case is related to cheating with people by creating a fake website of Crypto Exchange. ED had reported that this fraud is worth about 600 crores. The investigation was launched after a report published in the newspaper. It was reported in this report that Chirag Tomar, an Indian citizen, was sentenced to jail in the US for cheating hundreds of people. In this case, Crypto Exchange was cheated by creating a fake website of Coinbase. In this, fake website used to show incorrect information on entering details related to the victims, so that users used to contact the phone number on this website. This phone was from a call center which Tomar and his companions used to run. These people used to transfer their holdings to their crypto wallets after taking access to the cryptocurrency account of the victims. After this, this cryptocurrency was stolen.
(This news has not been edited by the NDTV team. This syndicate has been published directly from the feed.)
