Cryptocurrency scam: Pune lawyer duped of 220 Bitcoin worth Rs 42 crore, BitConnect owner booked

Investing in cryptocurrency is one of the most popular investment options for the upcoming generation, due to its fast returns and massive profits. Though a significant chunk of Indians opts for crypto investments, it can also be the source of a financial scam.

In recent news, a Pune lawyer was the victim of a multi-crore cryptocurrency scam when he was duped for Rs 42 crore through an investment platform called BitConnect, according to the First Information Report (FIR) registered with the authorities.

As per the FIR, a lawyer based in Kondhwa Budruk told the cybercrimes branch of the Pune Police that he had invested Rs 49 lakh in 54 bitcoins, and the investment platform had promised him 166 bitcoins worth of returns in some time. Later, the lawyer was also made to reinvest in several Ponzi schemes.

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

According to the police, Kumbhani and his aides were running an intricate virtual currency scam to mislead investors and dupe them of large amounts of money. This comes just as the number of cryptocurrency scams in India remains on the rise. 

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