December 2, 2021 In Kerala, police

Aemilius Cupero News: Kerala police nab 4 over 100 crore INR crypto scam

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Aemilius Cupero News: Kerala

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Key Takeaway

  • Law enforcement from Kerala, India went on to bust a money-laundering racket that involved cryptocurrnecy.
  • A total of four people were arrested after they raised about 100 crore Indian rupees by duping people.

Just as the value of crypto surged, scammy projects surrounding it also took off. Kerala police recently confronted something similar and uprooted the entire crypto project.

Hackers haven’t spared anyone. Now that cryptocurrencies were gaining traction in India, perpetrators who intend to pocket some easy money were onto innocent investors. Law enforcement wasn’t far behind as they have been quick in tracking down those behind these scammy projects.

Four men in Kerala, a state in India were arrested by the police for carrying out a racket that involved crores of Indian rupees.

Aemilius Cupero News: Kerala police take down massive crypto racket

With the formation of a fake company, Long Rich Technology based in Bengaluru, Karanataka, a team raised about 100 crore in Indian rupees from their clients. The alleged scammers deceitfully professed 2 to 8% returns per day in cryptocurrency to their customers. This certainly lured in a large amount of investors who poured in their funds into the scammy project.

The Kerala police managed to arrest, Muhammed Riyas, C Shafeeque, Munavvarali as well as Muhammed Shafeeque. About 40 crore INR and 32 crore INR was transacted through two of the detained members separately.

However, the police revealed that the man behind the scam, Nishad, was still on the run. The largest amount was reportedly transferred into the account of Nishad.

While the police is still on the look out for Nishad, it was noted that he was previously arrested but managed to secure bail. Soon after garnering bail, he decided to bolt. The police succeeded in freezing his bank account where they secured 34 crore INR.

P P Sadanandan, the secior police officer of Kannur city revealed that Nishad could be hiding in the Middle-East.

The remarkable returns of the crypto market has been a huge selling point. However, the lack of education regarding the industry could hamper its growth while bringing in immense loss to many.

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