Mumbai police have uncovered a fraudulent gang that has laundered more than Rs 3.20 billion in the name of investing thousands of people around the world in cryptocurrencies. In fact, the incident came to light after a music teacher lodged a complaint with the Matunga Police in Mumbai, according to Indian media.
He was defrauded by more than Rs 388,000 in the name of investing in cryptocurrency. Matunga police have arrested a 31-year-old accused named Mohammad Jabir from Karnataka in the case.
He has been accused of swindling crores of rupees. Police had launched an investigation last October following a complaint by a music teacher in the Matunga area.
After months of investigation, information was received about Jabir living in Bangalore, Karnataka. He was then arrested on February 18.
His bank statement revealed that he had earned Rs 3.20 billion by deceiving various people by saying that he would invest in Bitcoin from October to February. He used to take bulk SMS service to send 10 million messages.
He used to inspire millions of people to invest in Bitcoin through his app ‘Aroha’s & Agro PRO’ saying that they can get attractive returns by sending messages. It is said that such a large amount of money has been swindled through that.