Home Bitcoin News Bitcoin Scam Cryptocurrency rip-off: Pune lawyer duped of 220 Bitcoin price Rs 42 crore, BitConnect proprietor booked – DNA India

Cryptocurrency rip-off: Pune lawyer duped of 220 Bitcoin price Rs 42 crore, BitConnect proprietor booked – DNA India

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Investing in cryptocurrency is likely one of the hottest funding choices for the upcoming era, because of its quick returns and big earnings. Although a big chunk of Indians opts for crypto investments, it may also be the supply of a monetary rip-off.

In latest information, a Pune lawyer was the sufferer of a multi-crore cryptocurrency rip-off when he was duped for Rs 42 crore by way of an funding platform known as BitConnect, in keeping with the First Info Report (FIR) registered with the authorities.

As per the FIR, a lawyer primarily based in Kondhwa Budruk advised the cybercrimes department of the Pune Police that he had invested Rs 49 lakh in 54 bitcoins, and the funding platform had promised him 166 bitcoins price of returns in a while. Later, the lawyer was additionally made to reinvest in a number of Ponzi schemes.

The Pune-based lawyer stated that over the course of his investments, the proprietor of the bitcoin platform and his six allies duped him for 220 bitcoins of price Rs 42 crore. Based mostly on the criticism, Pune police on Tuesday booked Satish Kumbhani, the founder and proprietor of BitConnect.

Based on the police, Kumbhani and his aides have been operating an intricate digital foreign money rip-off to mislead buyers and dupe them of enormous quantities of cash. This comes simply because the variety of cryptocurrency scams in India stays on the rise. 

READ | Edelweiss Mutual Fund launching India’s first gold, silver based funds, check details

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