India Arrests Kidnapper Of $31 Million In Cryptocurrencies

India Arrests Kidnapper Of $31 Million In Cryptocurrencies

India Arrests Kidnapper Of $31 Million In Cryptocurrencies

Indian police have arrested an alleged scammer who is involved in the theft of $31.2 million in cryptocurrencies. Local law enforcement officials assured us that they had conducted an investigation and identified a potential perpetrator. He was detained in Thane, a city in the west of the Indian state of Maharashtra.

According to official figures, he could have harmed thousands of investors. There were at least 24 allegations of the theft of digital assets in the case. The state police assured that he stole more than 2.5 billion local rupees in the equivalent of cryptocurrencies. Citizens of different cities of the country suffered from the actions of criminals. It is assumed that this amount is not final, and as a result of his crimes, representatives of other states could also lose funds.

The criminal launched 2 cryptocurrencies Magic 3x and SMP. He promised investors that the acquisition of these virtual assets would bring them guaranteed dividends in a very short time. However, he subsequently deceived depositors by exchanging cryptocurrency for stablecoins, withdrawing funds, and reducing the liquidity of virtual tokens to zero.

The fraudster was arrested by the Economic Crime Unit (EOW) of the Tang City Police Department, which is engaged in detecting illegal activities in the field of finance. Law enforcement officers noted that they are now investigating another serious case, in which at least 10 cryptocurrency exchanges in the country are suspected of laundering more than 10 billion rupees ($125 million).

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