Ponzi

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 Indian authorities have reportedly arrested four individuals accused of running a fraudulent cryptocurrency trading platform that conned victims out of more than $90,000.
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According to a<a style="color: #0000ff;" href="https://www.newindianexpress.com/states/odisha/2024/Aug/26/balangir-police-cracks-crypto-scam-nabs-four-from-rajasthan-for-rs-76-lakh-fraud" rel="noopener noreferrer nofollow"> local media report</a>, the scammers deceived investors by posing as representatives of a fictitious crypto trading platform called GBE Crypto Trading Company. The name was likely chosen to mimic the well-known Cyprus-based brokerage, GBE Brokers, which appears prominently in search results for “GBE crypto trading company.”
The report noted that the scam was executed through various social media platforms, including WhatsApp and Telegram, where the perpetrators promoted a fraudulent trading application. To conceal their identities, they used virtual phone numbers and VPN services.
Investigations by the Cyber Police Station in Balangir, Odisha, revealed domains created to impersonate legitimate trading platforms as part of the scheme. However, it remains unconfirmed if the scammers were posing as GBE Brokers. The fraudulent operation is reported to have amassed INR 7,600,000 (approximately $90,604).
Rishikesh Khilari, Superintendent of Balangir Police, reported that over 60 bank accounts linked to the scam have been frozen, with a total of INR 85 lakhs (approximately $101,334) seized.
India continues to be a prime target for cryptocurrency scams due to<a style="color: #0000ff;" href="https://defi-planet.com/2024/08/finance-minister-says-india-has-no-plans-for-new-crypto-laws/" rel="noopener noreferrer nofollow"> weak regulations</a> and limited awareness about digital currencies. In June, local authorities<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/indian-police-nab-alleged-mastermind-behind-190000-crypto-ponzi-scheme/" rel="noopener noreferrer nofollow"> arrested</a> Kunjathbail Mujib Sayyad in Hyderabad for running a Ponzi scheme, “Max Crypto Trading.” Sayyad and his associates allegedly defrauded over 50 people of more than $190,000 by promising triple returns within 150 days and commissions for recruiting new investors. They collected over 16.6 million Indian rupees (about $199,000) from 52 victims before shutting down their website and app.
Similarly, India’s Enforcement Directorate<a href="https://www.thehindu.com/news/national/kerala/ed-freezes-cash-deposits-valuables-of-highrich-group/article68290036.ece" rel="noopener noreferrer nofollow"> reportedly</a> seized $180 million in assets linked to another alleged Ponzi scheme. The Highrich Group, led by K.D. Prathapan and Sreena Prathapan allegedly collected around ₹1,500 crore (approximately $179,954.25) from investors with promises of high returns and a 15% annual interest rate.
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The post <a href="https://defi-planet.com/2024/08/indian-police-bust-fake-crypto-platform-seize-over-90k/" rel="noopener noreferrer nofollow">Indian Police Bust Fake Crypto Platform, Seize Over $90K</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Indian Police Bust Fake Crypto Platform, Seize Over $90K

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