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4 Arrested Over Duping People in Cryptocurrency Fraud

Since cryptocurrency is an online fiscal tool, it is essential for traders and people dealing in it to be amply aware of the market. As there is a lot of potential in making money from this fairly new online tool, it is also important to be aware of frauds and other online criminals who could be making moves to steal your money.

Recently, the police arrested four criminals who allegedly deceived investors into buying Ethereum, a famous cryptocurrency. Keep reading to find out the exact details.

The Scam

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According to Nagpur Today, 4 people were arrested by Nagpur police, in association with Pune Rural Police. The director and group dealers of Ether Trade Asia were arrested for allegedly deceiving investors in a facade of buying the famous cryptocurrency, Ethereum.

The identified accused are:- Nished Wasnik, Sandesh Landewar, Nished’s wife Pragati, and Gajanan Mungune. The commissioner of Police had the following to say about the incident:-

“The accused, who operated through Sakkardhara based office had tricked investors into believing that they are investing in Ethereum, one form of cryptocurrency. They had also lured investors promising hefty returns. The accused reportedly used a forged site to show growth of Ethereum to the investors.”

He also added, “The accused had around 1,500-2,000 Ethereum stock each worth ₹1.25 lakh right now.”

None of the investors came forward to withdraw due to the hike of the cryptocurrency, but when they decided to withdraw their respective amounts, they faced technical glitches. When the investors went to Ether Trade Asia’s office, their employees reassured them. However, they gauged that something was awry and alerted the police.

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The Arrest

After a police probe, Nagpur police along with the Pune Rural Police were able to arrest the people allegedly responsible for the fraud. They arrested the alleged culprits from a Lonavala bungalow and according to NDTV, found luxury cars amounting to a staggering 1 crore, 18,91,210 rupees in cash. A pistol and seven live cartridges were also found with the suspects. Under electronics, 8 cellphones and a laptop were also found.

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