Crypto Fraudsters Allegedly Exploited Rs. 500 Crore!!

Investment frauds are very common but the recent crypto fraud that happened in Delhi is quite different. According to Delhi Police, the fraudsters claimed to have a legit company and trapped various investors by assuring them 200% profiting returns.

Delhi Police has initiated the investigations by compiling all the resources. The cyber crime department will play a crucial role in the investigation as they will track the websites used by the crypto fraud individuals.

Also Read: Top 5 Crypto Exchange Companies that Faced Downfall in 2022!!

Delhi Crypto Fraud Case

The case erupted when a group of individuals masterminded a foolproof plan to greed the investors with guaranteed returns. The crypto fraudsters created two websites for gaining a vote of confidence and assured the investors about their credibility. The scammers later promised investors that they can achieve around 200% annual return and assured them of a monthly return of 5-20%.

Also Read: StableFund and the 10 Biggest Crypto Failures of 2022!!

Crypto Fraud Service

The crypto fraud company had two websites where they carried out the investment. The scammers also claimed that the current value of the crypto token cost around $2.5.

The users had two options to redeem their funds i.e. either convert it into Bitcoin or withdraw the desired amount. The investors have reported that when they try to redeem the money an error occurs and the transactions fail unwittingly.