CandleFocus Indian police probe $2.7m crypto scam promising fixed returns
2024-11-04
Author: Content Editor
Law enforcement in India are investigating a cryptocurrency scam that defrauded 320 people in the state of Andhra Pradesh. The scam, allegedly masterminded by an individual named Ramanjaneyulu, promised fixed monthly returns of 10% on investments. The scheme operated since 2021 and has led to losses amounting to at least INR 23 crores (approximately $2.73 million). Victims included businessmen, politicians, government employees, traders, and other officials. This case is part of a larger trend of crypto-related scams in India, with citizens losing around INR 500 crores ($60 million) between October 2023 and March 2024.
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