Bitcoin Ponzi Scheme
Two major scams have been unearthed, both of which used the new-age digital medium to make a fool of the customers.
While a ponzi scheme under the garb of bitcoins has been busted, which was worth Rs 50 crore; a gang of 18 conmen duped Rs 50 lakh from 600 ecommerce customers, spread all over the country.
Both of these cases have been solved by the cops, and the culprits are behind bars.
We check their modus-operandi, which will help you to stay alert and vigil.
Bitcoin Ponzi Scheme: Kashhcoin
32 year old Narender alias Sonu Dahiya, from from Sonipat in Haryana, was running a ponzi scheme called Kashhcoin, wherein he promised insane returns on investment using bitcoins the bait.
He conducted seminars across Nepal, Mumbai, Gujarat, Chandigarh, Raipur and Nagpur and offered his own created digital currency Kashhcoin for Rs 3.5 per coin.
He promised that one day Kashhcoin will even surpass the value of bitcoins, and used to fool customers by promising extra-ordinary returns.
He was caught after cyber police tracked his Youtube videos, and when he was caught, it was found that the scam was worth Rs 50 crore.
He was arrested from Delhi, and a joint police team is right now conducting raids across Maharashtra, Rajasthan and UP to dig out more details.
As per reports coming in, Finance Minister along with IT Ministry and law-enforcement agencies are right now huddling together, and trying to seek out ways to stop such frauds using bitcoins as the medium.
RBI has already warned against bitcoin trading in India, and it has not received any legal status as of now.
600 Ecommerce Customers Duped Of Rs 50 Lakh!
Meanwhile, in a daring robbery, 600 ecommerce customers from a major portal were duped of Rs 50 lakh, by a gang of 18 members, based in Delhi.
The mastermind of this robbery was Yogendra Chaudhray, and his brother Sandeep Chaudhary of Mathura, who are still on the run.
The scamsters used to hack the ecommerce portal, and then fetch out exact details of the order placed by a customer – the name of the product, amount paid, date and time of the order and more.
Once trust was established, they used to offer a lucky draw for the shopper, and prize was a SUV. To participate, the shopper had to pay an amount, and once the amount was paid, all communication used to be severed.
The case came into light after Uttar Pradesh Special Task Force received 7,139 grievance mails, and out of them, 590 complained that the fraudsters are asking for more money in order to ‘win’ the lucky draw.
Overall, 600 online shoppers from 20 cities were duped of Rs 50 lakh.
The operations hub was Dwarka in Delhi, which has since been sealed.
The search is still on for the mastermind behind this scam.
The post Rs 50 Cr Bitcoin Ponzi Scheme Busted; 600 Shoppers Duped of Rs 50 Lakhs! first appeared on Trak.in