As a seasoned crypto investor with a fair share of battles scars from the volatile world of digital currencies, I can attest to the allure and potential rewards that this new frontier presents. However, the latest news out of Thane district, Maharashtra, serves as a grim reminder of the risks inherent in unregulated schemes.
19 relatives from a single family in the Thane district of Maharashtra, India, are facing accusations for reportedly swindling over 10 million rupees from two brothers by using a cryptocurrency scam scheme.
The victims were assured substantial profits from their investments, collectively contributing a sum of $119,000. The suspect maintains that he could increase this money twelvefold, with two siblings investing $109,600 and $30,600 between March 2022, as reported by The Economic Times.
When the promised earnings failed to materialize and the defendant fled without returning the owed money, the victims grew cautious. One of the siblings, a 42-year-old individual, filed a report at the Rabodi police station after the accused made threats, implying they had connections with influential figures.
Among those identified by the authorities are Sabir Akub Ghachi (aged 50), Shakir Akub Ghachi (45 years old), and Ruhiha Shakir Ghachi (39). This matter falls under the Bharatiya Nyay Sanhita (BNS) and the Maharashtra Act for the Protection of Depositors’ Interests (in Financial Institutions), enacted in 1999. So far, no arrests have been made in connection with this case.
Digital currencies, like Bitcoin, are a type of money that rely on complex mathematical codes (cryptography) to ensure secure transactions and operate independently from traditional financial institutions. Yet, the occurrence of fraudulent activities underscores the significant risks associated with investing in unregulated digital currency schemes.
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2024-10-04 10:13