As a seasoned crypto investor with roots deeply embedded in India, I’ve seen the highs and lows of this ever-evolving digital frontier. The recent string of investment scams, particularly the one involving Ramanjaneyulu, is a stark reminder of the darker side of our booming crypto ecosystem.
As a researcher, I find myself delving into the recent exploration initiated by Indian law enforcement regarding a cryptocurrency investment scheme. This deceptive practice swindled substantial sums from local residents, enticing them with the allure of consistent monthly returns at an inflated rate of 10%.
On November 4th, according to a report by the Deccan Chronicle, authorities are probing into a cryptocurrency fraud case that deceived approximately 320 individuals spread throughout the state of Andhra Pradesh.
Reportedly, a scheme orchestrated primarily by an individual named Ramanjaneyulu is said to have resulted in financial losses of approximately INR 23 crores (around $2.73 million). Some analyses even propose that the actual amount could be greater.
Ramanjaneyulu enticed investors with his promise of a consistent 10% monthly return on each investment of one lakh rupees, as part of the plan. To give the scheme an air of legitimacy, he publicized its association with well-known exchanges such as Binance and OKX.
Since its inception in 2021, this fraudulent activity has tricked numerous people such as local entrepreneurs, political figures, civil servants, market vendors, and various high-ranking officials. Some unfortunate victims were said to have taken loans specifically for investing in this scheme, eventually facing significant financial losses.
Currently, local authorities are looking into the matter following multiple reports that have been made during the last month.
India continues to be an attractive target for scammers due to the widespread usage of cryptocurrencies among its citizens, which has earned it the top spot on Chainalysis’ global crypto adoption index.
On the flip side, the increased popularity of cryptocurrency has unfortunately drawn in fraudsters as well. It’s been estimated that from October 2023 to March 2024, Indian citizens collectively lost around INR 500 crores (approximately $60 million) due to crypto scams.
Recently, a crypto trading app in India has been under investigation by authorities, accused of being an investment scam. It claimed to offer returns as high as 50%. Unfortunately, at least 700 individuals lost approximately $119,000 after the supposed platform abruptly stopped functioning without warning. It is suspected that the people behind this operation had ties in Hong Kong.
In August, a fraudulent cryptocurrency trading platform that facilitated investment scams was shut down when its four main operators were apprehended by the police.
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2024-11-04 13:28