Two people have been arrested in Jaipur, the biggest state in Rajasthan. The two are alleged to have been scamming investors in the promise of Bitcoin trading. The two ran a website to trade Bitcoin that was a scam. Their arrest came when one of the investors reported the scammers to the local authorities.
Crypto Scammers Are Coming Back
Crypto scammers are bound to make a return. In 2017 and 2018, billions were lost to them. The criminals take advantage of the popping market to mislead investors looking to make a quick buck. It is the responsibility of investors to do their research about a project before investing.
The two arrested in India; Manoj Patel and Avika Mishra used the same tactic used by scammers around the world. Invest money and make ridiculous returns. The two told investors that they were investing in Bitcoin trading. In reality, the money was going into their pockets.
Local police have confirmed that they shut the initial website and asked investors to invest in a new website instead of returning their money. They added that the two scammers were planning to defraud unsuspecting investors and run to a foreign country. So far, it remains unclear how much investors were duped.
The director-general (ADG), anti-terrorism squad and special operations group, Anil Paliwal, has confirmed that the two have been put under arrest.
‘Both the accused were planning to escape to a foreign country. They were caught and placed under arrest,’
This arrest comes just days after ten were arrested for running an Israeli based crypto scam. This clearly shows that the scammers are making a comeback and investors need to be alert. As the cryptocurrency continues to soar so will the scams continue to increase. Additionally, we might begin to see crypto exchanges’ security begin to be tested. Hackers are also an epidemic that will rise with the market surge.
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru