Group Of Crypto Scammers Faces Charges In India
Law enforcement authorities in the Indian city of Pune filed charges against a citizen Amit Bharadwaj and his three accomplices accusing them of fraud with the use of cryptocurrency, The Times of India reports.
The main defendant organized a criminal group and collected about 100 million Indian rupees (about $1.42 million) from deceived investors, promising them a high income from investing in cryptocurrency.
According to Bharadwaj’s LinkedIn profile, he became interested in the crypto sphere in 2016. He calls himself an investor, entrepreneur, Bitcoin pioneer, and the founder of four crypto platforms.
Subsequently, the defendant began to urge investors to invest in mining companies, promising an annual income of 200%. Besides, Bharadwaj stated that investors could receive 10% of profits from investments in bitcoin every month for one and a half years.
As follows from the article in The Indian Express, the fraudulent group of Bharadwaj has been renting a yacht for several days and held two meetings of investors in Macau and Dubai, telling them about imminent profits in large amounts. Citizens from several countries in the Middle East and Southeast Asia were in attendance.
However, after a while, when the promises were not fulfilled, a group of investors contacted the police. Eventually, Bharadwaj was arrested in Bangkok on March 31, 2017. Since then, he and his associates have been detained.
As previously reported, an Indian schoolchild threatened to blow up Miami Airport if the FBI would not help him return the stolen bitcoins.