Two people, connected to Bitcoin scam have been apprehended in Jaipur, the largest state in Rajasthan, India.
Their names are Manoj Patel and Avika Mishra. They scammed people by lying to them to invest money and get massive returns.
Their website, which was used to deceive investors in the agreement of Bitcoin trading was a huge scam because the two told investors that they were capitalizing in Bitcoin trading, but really, the money was for their personal use.
Their arrest came after one of the investors revealed the swindlers to the authorities.
The police ascertained that they closed the original website and told investors to invest in a different website rather than refunding their money.
They stated that the two scammers had plans to extort naive investors and flee to a distant country.
For now, it is not clear how much these investors were duped.
Crypto scammers are making a come back
It is obvious that crypto scammers are making a come back. In 2017 and 2018, people lost millions to them.
The criminals take advantage of unsuspecting investors looking to earn fast money.
The arrest of the scammers in India is coming days after ten people were also arrested for running an Israeli-based crypto scam.
The scammers were believed to have duped investors of more than $6.6 million in cryptocurrencies.
The alleged criminals are said to have attracted around 85 people from France, Belgium, and Israel.
These scammers asked investors to send their money to fake companies from where they would withdraw it through accounts set up in Turkey and Asian countries.
As the cryptocurrency continues to thrive, so will the scams also continue to rise.
Also, we might begin to see crypto exchanges’ security begin to be tested.
Hackers are also an epidemic that will rise with the market surge.
Investors are advised to do thorough research about a project before investing their money and also be at alert.