Indian Scammers Swindled Ethereum Worth of $5.34 Million From Victims
In India, scammers urged people to buy Ethereum on the ZebPay platform and send it to the Ether Trade Asia website with fake returns. In this way, they lured more than 400 million rupees (~$5.34 million) from their victims.
According to The Times of India, on February 20, police arrested four people in the city of Lanoval, from whom about 600 grams of gold, cars worth more than $134,000, firearms and other items were seized during the raid.
And already on February 22 in Nagpur, the police detained seven more suspects for involvement in a fraudulent scheme.
At first, the police revealed that more than 170 investors lost more than $500,000. But after analyzing the project’s website and on-chain data, the police revealed dubious digital currency transactions worth 400 million rupees.
The group is also suspected of killing one of the accomplices for refusing to hand over passwords for important transactions.
Fraudsters have been searched since March 2021. Police cyber experts were able to identify their location by tracking the online activity of the scammers and their families.
Earlier, Police Commissioner of Hyderabad (the capital of Telangana) Shiha Goel urged the citizens of the country to invest in digital assets only through reliable companies, as the number of cybercrimes related to cryptocurrencies in India increased significantly.