Indian Police Book 6 People Over $2 Million Crypto Scam

Indian Police Book 6 People Over $2 Million Crypto Scam

Indian police have booked six people, including a police inspector, for operating several crypto Ponzi schemes. The fake crypto company at the center of the episode, which promised to launch its own crypto token, came to light as one of the investors filed a complaint with the authorities after major losses. Such cons have blemished the Indian crypto ecosystem, in turn deterring some domestic investors from entering the space.   

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31 People Duped by ‘NCR Coin’

The cryptocurrency scam surfaced after the Surat-based property developer Chetan Gangani lodged a formal complaint with the Sarthana police station over cryptocurrency company NCR Coin LLP. The phony crypto firm swindled investors via its investment portals, including www.ncrcoin.com, www.ncrcoin.org, and www.ncrcoin.biz. Presently, all these websites are inactive.

The property developer Gangani, along with 30 people known to him, had invested $2 million USD into NCR Coin LLP. Gangani’s problem was in not receiving guaranteed returns from the company. The company had promised repayment if returns didn’t actualize, but Gangani’s requests for such were also denied. 

Surat’s Assistant Commissioner of Police, R. R. Sarvaiya, said of the incident’s catalyst:

“The complainant was not getting returns on his investment as per the schemes opted by him. He had raised an objection with the company saying its cryptocurrency was not registered.”

As reported on by local newspaper Divya Bhaskar, when Gangani tried to demand payment from Rohit Kapopara — the director of NCR Coin LLP — Kapopara devised a fake kidnapping and said all the company’s digital holdings have been acquired by a kidnapper.

Following Gangani’s complaint, local law enforecment have booked the accused masterminds of the fraudulent scheme — a police inspector L. B. Dabhi, Rohit Kapopara, and several others — under various sections of the Indian Penal Code.

Per the initial investigation, the role of inspector Dabhi in the racket is not yet clear. Meanwhile, the case has been passed on to the “Crime Branch,” the investigation wing of the Indian State Police, for further investigation.

Surat’s Assistant Commissioner Sarvaiya noted:

“We are yet to ascertain the role of the accused named in the FIR. As far as the police inspector is concerned, it is learnt that some cryptocurrency was transferred into his account. Investigations currently underway will give a clear picture.”

Investors Fall for the ‘Next Big Coin’ Schemes

Investors who missed the boat on bitcoin are persistently looking to invest in the next “big token.” Such naivety is beyond risky in the cryptoverse, leading some to not even look into project particulars before investing.

In this vein, India has recently suffered from a series of crypto scams that have pushed away many would-be investors. Recently, the mastermind of India’s biggest crypto scam, Amit Bhardwaj, was arrested by Indian law enforcement. Bhardwaj had developed an ecosystem of fake crypto services, which were promoted by Indian celebrities and thus duped thousands of investors. Around the same time, a 200 bitcoin extortion case surfaced where an Indian politician and police officer were in on the scam.

Will Indian investors overcome these series of crypto scams? Share your views in the comments section.


Images via Pixabay

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