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Fraudsters fooling investors with Fake Cryptocurrency

With the surge in the price of the Cryptocurrencies, there have been increasing in the fraudster cases and hacking of the Bitcoins around the world.

So, it is important for everyone to beware if someone approaches you to buy a Bitcoin and promises to double your profit. They are all fake!

Over the past few months, investigating agencies have been flooded with complaints of alleged Bitcoin exchanges that are nothing but multi-level marketing schemes.

In the recent past, Delhi Police have been flooded several complaints of alleged Bitcoin exchanges and have started investigating on several fake companies.

Police have recently arrested 32-year-old Narendra, who was operating a dubious ‘Indian cryptocurrency’ company, Kashh Coin. Theexposé came after a west Delhi resident filed a complaint against Narendra, who convinced him to invest Rs 15 lakh six months ago. While he promised him 1.8 times return every month, but he never received a single penny.

“They asked me to wait till their money exchanger comes. They also mentioned that some of their companies were awaiting clearance from the Govt of India and once these are cleared, I would start getting the money. They kept fooling me for six months,” said the complainant.

However, in the further investigation done by the Delhi Police, it emerged that he was not the only victim there are several innocent people who became a prey to him.

Narendra had also started another company under the domain of www.remitanzominin.com, similar to Kashh Coin.

The Kashh Coin arranged fancy events with high profile guests in attendance, and these events were not just restricted to Lucknow, Surat, Chandigarh, Raipur or Mumbai but even a few places in Nepal.



Source : EHackingNews

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Founder and Editor-in-Chief of 'Professional Hackers India'. Technology Evangelist, Security Analyst, Cyber Security Expert, PHP Developer and Part time hacker.

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