Using Bill Gates Quotes, Indian Gang Stole Rs 15 Crore Worth Of Crypto

Anil - Jun 29, 2019

This incident reminds us of how we should precaution at such an appealing investment.

We have seen something like an escalation in the growth of cryptocurrency amid these days. Cryptocurrencies have been springing up with the recognization as the money for the future. Along with technology, digital money also comes with a number of risks. Maybe you're not really ready for the change, but a squad of Indian scammers has already made off with a whopping heist worth $2 million.

Indian Reserve Bank Of India — Cryptocurrency is restricted in the country.

Note that trading cryptocurrencies or related activities are not legitimate in India up to now. However, patrons know other ways to practice crypto exchange. It seems not to be enough, even as Reserve Bank has pulled out several warnings about digital tokens. There're not only due to the shortage of a complete regulation but also the lack of knowledge that led to a number of crypto scams in recent years.

A few days ago, a team of Indian scammers has made a similar practice. They're said to establish investment schemes through some websites, including Monivo and bet2bet. Using quotes from famous business figures like Bill Gates, Google's Eric Schmidt or the billionaire Richard Branson, they illustrated the association and baited the victims across the country.

Indian Bitcoin — Roughly Rs 15 crore were stolen.

According to the Rajasthan Police Anti-terrorist squad, the investors who involved in this incident had believed in the sweet promise of scammers. As per a statement, a ballpark of $2 million (roughly Rs 15 crore) has been stolen and not easy to be regained.

At least four people behind the entire scamming system have already been captured in some North Indian states. Under the Penal Code, they're accused of cheating, criminal conspiracy, and breach of trust.

The exact number of affected victims remains unclear but they are said to come from all regions in the country. It will take time because complaints have yet to be filed with authorities. In addition to this, investigations said there's not any connection with external funding or a terrorist organization.

This incident reminds us of how we should precaution at such an appealing investment.