As per a local Indian news outlet, the Indian police in the state of Maharashtra have arrested one man for cheating 1,441 investors in a fake crypto scam worth $31.2 Million.
The report reveals that the scam may be in excess of 2.5 billion rupees (US$31.2 million) and is a ‘big one’ as it is spread across India. So far 24 victims who have collectively lost about US$55,085 in the crypto investment scam have come forward with the issue.
The crypto scam was pulled out by the accused using two crypto names- “Magic 3x” and “SMP”. The accused was arrested by the Economic Offences Wing (EOW) of Thane police, which handles economic and financial offenses.
Also Read: BitConnect Founder Satish Kumbhani Wanted in India
