New Delhi: The Indian police have arrested a crypto entrepreneur who was accused of fraud by several of his investors. The businessman supposedly offered high returns on the investments in cryptocurrencies and did not pay the money back. Around the time of growing losses, investors reported the matter to the police and it was captured.
The accused allegedly collected money of numerous individuals with the onslaught of the promise that in a short period, crypto trading would increase investment by twice the original investment. He applied social networking and internet communities to get investors. They however ceased to respond when the investors requested their money back.
Yet, according to the police investigations, a significant portion of the money did not even go into crypto. Rather, it was spent on personal expenses. Law enforcers have been able to freeze bank accounts and digital records to trace the flow of the money.
The case has again revealed the dangers of investing in cryptocurrencies. According to experts, crypto control in India is not established yet. This simplifies the task of fraudsters to deceive individuals who do not know about the dangers.
