An Indian probe right into a rip-off that fleeced native traders with guarantees of mounted month-to-month returns is underway. The rip-off, allegedly masterminded by a single particular person named Ramanjaneyulu, has reportedly stolen at the least INR 23 crores (roughly $2.7 million) from 320 folks throughout Andhra Pradesh, with the variety of victims probably even additional greater, in keeping with a Nov. 4 Deccan Chronicle report.
Ramanjaneyulu allegedly provided traders 10 % month-to-month returns on each one-lakh-rupee ($1,200) funding. He stated he used widespread cryptocurrency exchanges like Binance and OKX to make the scheme look reputable. The rip-off, which has been working since 2021, ensnared every thing from native businessmen to merchants, authorities staff, and even politicians. Some victims went to such lengths as borrowing cash to take a position after which misplaced huge cash.
Nevertheless, after a collection of complaints in regards to the fraudulent scheme final month, native police have launched a radical investigation. The true worth of this case in India is that prime crypto adoption ranges have change into fertile floor for scams. Chainalysis credit India as probably the most crypto-admitted nation on the earth, and with reputable and scummy traders alike wanting in, India’s peculiar place hasn’t been downplayed.
Indian Authorities Warn of Rising Crypto Scams as Investor Losses Surge
India has seen some high-profile crypto scams in latest months. Between October 2023 and March 2024, Indian residents collectively misplaced INR 500 crores ($60 million) to crypto-related frauds. Authorities solely went after one other crypto rip-off wherein folks misplaced their cash taking part in with a faux buying and selling app that allegedly promised 50% returns.
The app shut down abruptly, with out even 700 victims getting any of their a reimbursement, and there was at the least one lack of $49,000 mixed. In August, the 4 scammers behind one other crypto rip-off have been arrested after they took benefit of unsuspecting traders with a hoax buying and selling platform.
Indian authorities proceed urging residents to chorus from investing in cryptocurrency ventures whereas exercising due diligence, a very widespread message for the various venturing for top returns at minimal danger.
