As a seasoned crypto investor with a fair share of battle scars from navigating the volatile digital asset market, I can’t help but feel a mix of dismay and resignation upon hearing about yet another cryptocurrency scam, this time in Odisha, India. With my years of experience, I’ve learned to be cautious and vigilant, always verifying platforms and offers before parting with my hard-earned money.
In the Indian state of Odisha, officials unveiled a substantial cryptocurrency fraud, swindling investors out of approximately 7.6 million INR, equivalent to around $90,604. The deception revolved around a fictitious crypto trading platform known as GBE Crypto Trading Company.
Reports from the area suggest that the phony platform’s name was deliberately made similar to GBE Brokers, a recognized brokerage company in Cyprus, with the aim of deceiving people into believing it as genuine and gaining their trust.
Scammers predominantly carried out their fraudulent activities on platforms like WhatsApp and Telegram, disseminating a sham trading application. To conceal their identities, they employed temporary phone numbers from the digital realm and VPN services, thus complicating efforts by law enforcement to monitor their suspicious actions.
An investigation by the Cyber Police Station in Balangir, Odisha, discovered that the scammers had registered several fake domains pretending to be real trading platforms.
It’s uncertain whether they exactly mimicked GBE Brokers, but their strategies were persuasive enough to deceive numerous investors.
Police Superintendent Rishikesh Khilari stated that over 60 bank accounts associated with the fraud have been blocked, and approximately $101,334 has been confiscated. The investigation continues in an effort to retrieve additional funds and apprehend any other individuals implicated.
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2024-08-26 16:38