350 crores defrauded in the name of investment in crypto

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In relation to the Rs 350 crore scam, the CBI carried out raids in seven states on Friday. The accused allegedly operated other fraud modules in the past, according to the CBI. Delhi, Hazaribagh, Bathinda, Ratlam, Valsad, Pudukkottai, and Chittorgarh were the locations of the accused's centers.

A scam that tricked people into investing in cryptocurrency has been caught by the CBI. In relation to the Rs 350 crore scam, the CBI carried out raids in seven states on Friday. The seven defendants allegedly operated several fraud modules in the past, according to the CBI. Delhi, Hazaribagh, Bathinda, Ratlam, Valsad, Pudukkottai, and Chittorgarh were the locations of the accused's centers. The accused used to defraud innocent people of their money by luring them into cryptocurrency investments where they would profit handsomely.

According to a CBI spokeswoman, many social media groups were promoting these Ponzi schemes. The illicit revenue from these operations was changed into bitcoin so that its source could not be identified, according to an analysis of bank accounts and cryptocurrency wallets.

According to reports, the suspects have transacted for a total of Rs 350 crore so far. Several locations in Delhi, Jharkhand, Punjab, Madhya Pradesh, Gujarat, Tamil Nadu, and Rajasthan were raided by the investigative agency on Thursday. In the accused's bitcoin wallets, the authorities discovered digital assets valued at around $38,414 throughout the search. It has been taken away for examination.

According to the official, the accounts that were investigated showed that over the course of two years, transactions totaling almost Rs 350 crore had occurred. These scammers also used online loans, online lottery games, UPI fraud, and online banking to ensnare their victims. The defendant had made investments in multiple wallets on cryptocurrency exchanges, including BitBNS, WazirX, Zebpay, and CoinDCX.

The agency has filed a case under Section 66D of the Information Technology Act 2000, Section 420 for cheating, and Section 120B of the Indian Penal Code for criminal conspiracy. According to the official, the case was registered under the previous legislation since it was a component of an ongoing investigation prior to the implementation of the three new criminal statutes.

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