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HomeAltcoinsCrypto Scam: 11 arrested in cryptocurrency fraud of worth $5.4M in India

Crypto Scam: 11 arrested in cryptocurrency fraud of worth $5.4M in India

India’s police arrested 11 people over the weekend in connection with a crypto scam case in which 2,000 people were allegedly duped out of US $5.4 million (INR 400 million).

Four of the accused were seized on Saturday after being on the run since March of last year, while seven others were caught on Sunday.

Nishid Wasnik, the alleged leader of the operation, manipulated his firm’s to make it look like more people were investing in his business and getting high returns, which attracted victims. Then, between 2017 and 2021, he took money from the victims and put it in his own account.

Police recovered a handgun, seven live cartridges, four luxury automobiles valued at around $134,000, eight mobile phones, a laptop, and more than $25,000 in cash. Wasnik and two others arrested on Saturday are also accused of kidnapping and murder.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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