India apprehended a criminal group suspected of cryptocurrency fraud

The attackers embezzled about $5,5 million in ETH, deceiving investors

22.02.2022 - 12:10

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What’s new? The Indian police have detained a group of 11 people suspected of running a cryptocurrency scam. According to the Times of India, the criminals persuaded investors to buy ETH on the ZebPay platform and then withdrew the resulting cryptocurrency to their accounts. In this way, the group earned around 400 million Indian rupees (INR) ($5,34 million).

The Times of India’s material

What are the details of the case? The law enforcement agencies seized about 600g of gold, expensive cars, and firearms from the criminals during a raid in the city of Lonavala. The members of the group are suspected of murdering a man for refusing to disclose private keys. The criminals had been on the run since March 2021, with the cyber police of India tracking them through online activity.

The law enforcement agencies reported that more than 170 investors had suffered at the hands of the group, losing around $500 000. But the fraudsters’ website and on-chain data led police to other suspicious transactions worth 400 million INR.

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