Home Cryptocurrency News Three arrested over cryptocurrency chain-link scam in Bengaluru

Three arrested over cryptocurrency chain-link scam in Bengaluru

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The Central Crime Department (CCB) police in Bengaluru have arrested three individuals who have been allegedly working a Ponzi scheme by luring folks to spend money on cryptocurrency and assuring enticing larger returns.

The accused have been recognized as Raghavendra, Nagaraju and Shivamurthy, all residents of HSR Format. Joint Commissioner of Police (Crime) Sandeep Patil stated, “The financial offences wing detected one other Ponzi scheme/chain-link scheme in HSR Format… (they) promised greater than 20 per cent returns and guaranteed larger returns on getting further members. Additional investigation is on.”

A police officer stated, “The accused ran a agency named FOMOEX at a personal lodge in Yelahanka. They claimed enterprise presence within the USA, Singapore and China.”

The police stated that they had give you a chain-link mannequin through which members of the agency could make others be a part of the platform and they’d get fee for it. As an example, in the event that they make an individual make investments 100 US {dollars}, the particular person would get 10 per cent fee on the package deal each month, the police added.

It was additionally discovered that the accused had earlier cheated a number of folks in the same chain-link rip-off.

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