India is becoming a favorable ground for scams involving digital currencies although it’s rare for these scams to be propagated by law enforcement officers. But in a latest case, a police inspector has been arrested together with five others for aiding a crypto scam in India.
The police started looking for the culprits after a victim, Chetan Gangani, a builder, reported to the police after being lured into investing in a company that dealt with cryptocurrencies.
According to the IndiaExpress:
“Gangani, in his complaint, claimed that the company offered attracting schemes to invest in its cryptocurrency through websites like www.ncrcoin.com, www.ncrcoin.org, and www.ncrcoin.biz. He further told police that he, along with his family, invested Rs 14 crore in the cryptocurrency offered by the firm.”
However, Chetan knew that he was being duped when, on maturity of their agreement, he never saw the profits as stated by NCR Coin LLP. On raising the issue with people attached to the company, he was taken in circles after which he was threatened “that he would be kidnapped if he did not keep mum on the issue”.
“We are yet to ascertain the role of the accused named in the FIR. As far as the police inspector is concerned, it is learned that some cryptocurrency was transferred into his account. Investigations currently underway will give a clear picture” said Surat ACP (Crime Branch) R R Sarvaiya.
Earlier this month, a massive Ponzi scheme estimated to have acquired more than 6.5 billion US dollars was unearthed and a few individuals taken into police custody. The CEO of CMD Flintstone Group and Money Trade Coin Group, Dr. Amit Lakhanpal, has been identified as the face behind the scheme.
Do you think law enforcement individuals have a hand in aiding a crypto scam or should it be blamed on naïve investors?
Let us know your thoughts in the comments section below.