Indian police have filed a case against five people suspected of being involved in a crypto-currency scam that has defrauded investors since 2017.
Despite having worked for several years, it is believed that the scammers have only made a modest profit of about $34,200.
The group is believed to have operated only in the Palghar district of Maharashtra state.
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On June 13, New Indian Express reported that five people had been booked for allegedly defrauding investors with a fake investment in crypts.
The group promised exorbitant returns to those who invested in its crypto assets, requesting payments in cash and checks. After receiving the funds, however, the con artists became increasingly evasive in their interactions with Bitcoin Billionaire investors, local police said.
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None of the accused con men have been arrested so far.
Last month, the case involving Amrit Bhardwaj and Vivek Bhardwaj – two brothers who ran GainBitcoin, India’s notorious multi-level crypto-marketing scam – was transferred from the Cyber Cell to the Crime Branch of the local police.
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Indian police have recently expanded their efforts to suppress crime in the Darknet, recently announcing plans to build an artificial intelligence-driven Internet portal for online surveillance and working with international regulatory agencies to arrest anonymous free-market sellers who sell pharmaceuticals or drugs without a license.
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The perception that crypto assets may be a tool for illicit activities could be very damaging to India’s digital assets sector, and the Indian Ministry of Finance already proposed a new ban on crypto currency on 12 June, only three months after the Supreme Court ruling lifting the country’s ban on banks providing financial services to companies working with crypto currency.