350 crore cheated by promising more returns on crypto currency, CBI filed a case against 7 people

New Delhi : The CBI has filed a case against seven accused in the case of cheating people through digital currency Ponzi scheme, promising high returns on cryptocurrency transactions worth more than Rs 350 crore. In this case, the CBI raided 10 locations in seven states. From where 34 lakh cash and cryptocurrency wallet recovered 38,414 US $ 38,414 digital virtual assets, seven mobile phones, a laptop, three hard disks and other objectionable digital evidence and equipment including 10 pen drives.

Operation from different states

The CBI said that a case was registered in this case under Section-420, 120B of IPC and Section 66-D of Information Technology Act, 2000. Seven accused in the case were operating this organized cyber crime from different states. These include Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu and Rajasthan. Where the accused were running a business of cheating investors from Delhi, Hazaribagh, Bathinda, Ratlam, Valsad, Pudukkottai and Chittorgarh cities.

Promise of high returns on investing

The accused person was promising high returns to people investing cryptocurrency. In which he/she is actively running various Ponzi and fraud schemes to cheat people. In this way, these accused were cheating people with false, misleading and enticing information from investors to their blood and sweat earnings.

The CBI said that the accused were making their reach to the people by making these Ponzi schemes viral on many social media groups. The CBI investigated transactions and cryptocurrency wallets of several bank accounts in this case. From which it was found that the accused were converting crores of rupees received from these schemes into cryptocurrency. So that their source can be hidden.

Investment in these crypto currency

Investigation has revealed that the accused have virtual digital assets (VDA) wallets with several bank accounts and cryptocurrency exchange such as coindcx, wazirx, zebpay and bitbns. Within two years, more than Rs 350 crore was transacted in these accounts and wallets. The victims were allegedly cheated by making various excuses such as online loan, online lucky order, UPI fraud and internet banking scam.