With the increasing rate of crypto scams and hacking rapidly, crypto crimes have gotten quite frequent. Recently the Indian police has made an arrest related to the cryptocurrency scheme, allegedly defrauding around 2k investors out of a total of 40 cr. INR.
According to the local agency reports, 11 people were arrested in this connection on February 22, and around 7 were arrested this Sunday in Nagpur, Maharashtra. Nishid Wasnik along with Pragati (his wife) is said to be the main culprit in this scam. They both had two other partners associated with them, Sandesh Lanjewar and Gajanan Mungune, with them in this whole scam. The four of the accused were arrested just the other day in Pune.
The report says that Nishid Wasnik also organized seminars on cryptocurrency investments in Pachmarhi, a hill station in Madhya Pradesh. The alleged fraudsters have been hiding since last year in March and ever since they have been on the run. But fortunately, the police arrested them this Saturday.
According to the police statement, Nishid Wasnik had been luring the people by flaunting the luxurious lifestyle. They gained the trust of people and said they have a firm that deals in Ethereum (ETH).
The statement also said that Nishid Wasnik used to exploit the website to show stable growth in the investment value, while fraudulently transferring the money into his personal accounts. All the 11 arrested people were booked under IPC, Information Technology Act provisions, and Maharashtra Protection of Interest of Depositors Act by the police in Nagpur.