Crypto fraud: More scammers held in Rs. 40 crore scam in India’s Nagpur city

February 21, 2022

By Anjali Kochhar

Seven people have been arrested in a Rs 40 crore cryptocurrency fraud in Maharashtra state’s Nagpur. Over 2,000 investors were duped in crypto fraud.

According to a PTI report, an official said that the main accused Nishid Wasnik used to flaunt his luxurious lifestyle to get people to invest in a firm that he claimed was dealing in Ethereum.

The official said that Wasnik manipulated the website of the firm to show a steady rise in the value of investments while transferring money into his accounts fraudulently between 2017 and 2021.

He had even organized a seminar on crypto investment in Panchmarhi in Madhya Pradesh.

All scammers arrested have been charged under IPC, Maharashtra Protection of Interest of Depositors Act and Information Technology Act provisions.

Crypto crimes are increasing day by day. A recent report has shown that cryptocurrencies have made criminals richer and in 2021, criminals held $11 billion worth of funds with known illicit sources, compared to just $3 billion at the end of 2020.

Another report by Chainalysis has shown cryptocurrency holdings among cybercriminals saw a massive surge in 2021, rising from around $3 billion in 2020 to over $11 billion in 2021.

On the increasing rate of cryptocurrency-related crimes, Shivam Thakral, CEO of Indian exchange BuyUcoin said, “Crypto is new and evolving on a daily basis which calls for a global alliance dedicated to creating a regulatory framework for the crypto industry. I think countries should understand the pace at which crypto is entering the financial system and should put checks and balances in place accordingly.”

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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