As per the officials, the investors were cheated on the pretext of trading portal of bitcoin falsely projected to be operating from the US.
The Special Cell of Delhi Police has arrested two persons for running a fake multi-level marketing scheme of bitcoin investment in the national Capital. The duo would lure customers by offering them high returns. Around 5,000 different ID's were recovered from them.
As per the officials, the investors were cheated on the pretext of trading portal of bitcoin falsely projected to be operating from the US.
"The accused persons have been identified as Deepak Jangra (37) and Deepak Malhotra (56). The duo hails from Sonepat, Haryana. The online portal with url www.bitmineplus.org was claiming fruitful gains on the basis of bitcoin mining and trading. Around 5,000 ID's, which had invested in the luring scheme, have been duped by them," said Anyesh Roy, DCP, Special Cell.
The police officials received a complaint alleging that multiple investors were duped by fake schemes started by the accused men. The complainant stated that the accused men had made false representations and assurances in order to induce the investors to invest their money in the business model promising high returns from bitcoin mining and trading on an international level.
The duo would arrange for meetings and organised parties at five-star hotels. In order to dupe them, the investors were initially given some returns. Later, when the client started investing more money and got more clients, they stopped giving the returns. While there was no mining or trading platform of the company, the whole plan was to get the investment with the predesigned motive to cheat.
Jangra, in the meanwhile, also created his own cryptocurrency and he was planning to shift the investors to his own currency. He manipulated the prices and since the process was taking time, the investors started getting impatient and demanded their money from the duo. They finally started pressuring them to return their money.
In February, the two accused then left their homes along with their families and fled to escape from the investors. However, the police finally managed to trace them.
DUPED
The complainant stated that the accused had made false representations and assurances in order to induce investors to invest money in the business.
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