Delhi crypto fraud | Investors duped of Rs 500 crore, were assured 200% returns: Report

moneycontrol.com:

A case of fraud linked to cryptocurrency has been reported in the national capital, with a group of investors being duped of up to Rs 500 crore after being assured of massive 200 percent returns on their investment within a year, a report said on December 29.

The Delhi Police has registered an FIR and launched an investigation into the case, the Times of India reported.

The scamsters had collected the money on the pretext of investing in their upcoming cryptocurrency, whose value they claimed to be $2.5, said one of the victims, while speaking to the English daily.

The accused, whose details were not shared in the report, have allegedly fled the country.

Moneycontrol could not independently verify the report.

Also Read | Top cryptocurrency news on December 29

The victims alleged that the accused had organised exorbitant events at a five-star hotel in Goa, where they explained the blockchain technology and claimed that the value of their upcoming cryptocurrency would skyrocket in the future.

Apart from promising a 200 percent annual return on investment, the accused had also assured of 5-20 percent monthly returns, which would be credited in the investors' bank accounts on either 5th, 15th or 25th day of the month, one of the victims was reported as saying.

The accused "claimed to be building a swanky office, but when a few investors visited Dubai to check the authenticity, they were allegedly shown random under-construction buildings", the FIR, as accessed by TOI, stated. "The accused also claimed to be running a cooperative society bank in Maharashtra, which turned out to be false," it added.