Cryptocurrency is a digital currency protected by cryptography that operates on decentralized networks using blockchain technology. (Photo: Shutterstock)
The Maharashtra police have booked 19 members of the same family for allegedly cheating two brothers of over Rs 1 million in a cryptocurrency scam. The incident occurred in Thane district, where a man and his brother were lured into the scheme with promises of multiple returns on their investments.
After realizing that they had been scammed, the 42-year-old victim lodged a complaint at the Rabodi police station on Wednesday. The total value of the brothers’ combined investment was Rs 1.17 crore.
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The defendant promised a 12 times return on investment
The police have booked persons identified as Sabir Yakub Ghachi (50), Shakir Yakub Ghachi (45), Ruhiha Shakir Ghachi (39) and several other family members. They are accused of convincing victims to invest in the scheme by promising returns of up to 12 times.
Hoping to make huge profits, the brothers invested Rs 91.53 lakh and Rs 25.69 lakh from March 2022. However, the scam came to light after the accused failed to return the investments. According to the complaint, the victims received evasive responses and threats. The accused also intimidated them by claiming that they had connections with influential people.
The victim then approached the police, an official said.
A case has been registered under various sections of the Bharatiya Nyay Sanhita (BNS) Act and the Maharashtra Protection of Interests of Depositors (in Financial Establishments) Act, 1999, police said. So far no arrests have been made.
For those unfamiliar, cryptocurrency is a digital currency secured by cryptography that operates on decentralized networks using blockchain technology. Bitcoin, created in 2009, is one of the best-known cryptocurrencies in the world.
First published: October 3, 2024 | 10:14 a.m. IS
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