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Crypto scam of Rs 500 crores exposed! victims promised ‘200% returns’

A case of cryptocurrency fraud was reported in the nation’s capital on December 29. According to Delhi police, a group of investors were duped out of a huge sum of Rs. 500 crores on the pretence of receiving returns on their investments of 200 percent. The Delhi Police said that the accused led the investors on a holiday to Goa and planned a spectacular event where con artists gave detailed explanations of the complicated workings of blockchain technology and addressed inquiries from prospective investors in order to ultimately defraud them.

On this, one of the victims disclosed their desire to defraud investors using the bogus narrative of their impending cryptocurrency, whose worth was allegedly $2.5 by scammers. The accused also allegedly promised 5–20 percent monthly profits, which would be credited to the investors’ bank accounts on the fifth, fifteenth, or twenty-fifth of the month, in addition to a 200–percent yearly return on investment, according to one of the victims.

Following the arrival check of a few investors, the accused further duped the investors by claiming that a costly office in Dubai was still under construction. Additionally, according to the study, the defendants deceived investors by pretending to be a cooperative society bank in Maharashtra. The problem got worse when the accused posted inaccurate information about the website that is supposed to keep investors informed about their investments.

Aside from offering the option of conversion into Bitcoin, the website also offered the option of withdrawal of the deposited sum. While attempting to open the website to verify their assets, the victim in the claim is said to have encountered the error messages.

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