Cryptocurrency adoption in India
Based on an investigation from the State Crime Investigation Department in India, the country made an announcement on scams in the country that have seen many investors loss up to $180,000 in investment funds.
Cryptocurrency fraud has been very prevalent in India for the past few years. as the country lacks concrete cryptocurrency regulation leading to the rise of many Ponzi schemes and Fraudulent projects.
Victims of such scams usually require more knowledge or information on cryptocurrencies and digital currencies.
The cost for investors is being estimated at around $180,000 even though the CID thinks that the actual figures are much bigger than this.
The investigation stated that the perpetrators pushed investors to invest in KBC Coin, which they sold as an investment for quick money.
According to Ashish Bhatia, Who is an officer at CID Gujarat, the Promoters made a deal with the investors approximately two years ago with promises of significant return on investment.
Further investigation of the case
Police officers who were involved in the investigation mentioned that the perpetrators promoted this Ponzi scheme in many locations of the Gujarat State. They also stated;
“The value of KBC Coin never increased and within six months, the promoters went underground.”
The country is still suffering from a lack of regulation on the development of the blockchain technology and the deployment of cryptocurrencies. More arrest that was made of individuals who are suspected to be involved with the KBC Coin fraud.
There have been many cases of investors losing money over scam projects leading to loss of money by investors.
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