A crypto scammer has been busted in Delhi.
A 47-year-old man, resident of Dwarka in New Delhi, has been arrested for duping 8 people from Pune of Rs 84.34 lakh.
Times of India reported that on Monday, the cyber police of Delhi arrested crypto scammer Ganesh Shivkumar Sagar.
He conned people of their money by offering attractive returns over investment and later fleeing with the money.
A team led by Senior Inspector D S Hake, Inspectors Ankush Chintaman and Sangeeta Mali, arrested Sagar from his Delhi residence.
He used to run a website with a window that showed the accounts of individual investors. The website offered that offered high returns on investment in different cryptocurrencies.
In 2020, the website stopped functioning, which prompted the investors to approach the police. Last year, a complaint of cheating against Sagar was registered.
Police revealed that the investors did not receive any interest, not even their principal amount.
“Many people invested money in his schemes from Pune city. As of now, we have received complaints of cheating from eight people, who invested Rs 84.34 lakh collectively. The man runs promotional activities for different brands and cryptocurrencies from his offices in Dubai and the UK.”
Inspector Ankush Chintaman
Crypto is unregulated in India, which means that there are no licensed investment advisers. In that case, Do Your Own Research (DYOR) becomes virtually mandatory. Any crypto product or service should be carefully audited before investing. It is recommended to use only reputed or non-custodial investment services to keep the funds safe.
News recommendation: Is Crypto Exchanges’ Stance on Russia Right?