The managing director of Indian cryptocurrency trading platform Coin ZX, Ravi Mahaseth, has been booked by Mumbai police for allegedly scamming investors out of $23 million. Complaints about Coin ZX first surfaced in January 2023, and it is reported that the platform defrauded people across India. Mahaseth and five others have been accused of fraud and criminal breaches of trust. Coin ZX promised investors returns on their investments in Bitcoin, but payments ceased after four months, with the company claiming technical issues. Mahaseth relocated to Dubai, but his exact whereabouts are currently unknown. Cryptocurrency fraud has been a significant issue in India, with the country ranking fifth in terms of the number of complaints and sixth in terms of the total volume lost in 2023.



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