Balangir district police in Odisha have successfully dismantled a cryptocurrency gang, leading to the arrest of seven individuals accused of defrauding hundreds of investors through deceptive means. The arrested individuals, identified as Prasant Meher, Dushmanta Meher, Hemant Meher, Amiya Pradhan, Kumar Pradhan, Kishore Deep, and Subrat Ojha, all residents of Balangir, were apprehended with the seizure of a luxury car and crucial documents related to their illicit activities.
The gang, reportedly involved in cryptocurrency transactions, was led by Prasant Meher, the alleged kingpin. Their modus operandi involved enticing people by promising luxurious tours to Thailand and Dubai. Utilizing mobile apps and attractive websites, they connected with potential victims and carried out fraudulent transactions.
The gang managed to amass approximately Rs 12-15 crore (Indian Rupees) from affluent investors through cryptocurrency dealings. In an attempt to conceal their illicit activities, they also operated a multi-level marketing company named ‘Pegmatite Sustainable Solutions Private Limited.’ This served as a cover for their fraudulent transactions, as revealed by a senior police official.
The police initiated an investigation into the matter based on complaints received, ultimately leading to the dismantling of the gang. During a media briefing, the investigating officer highlighted the diligence and efforts that went into cracking the case, emphasizing the importance of addressing crimes related to cryptocurrency fraud.
This incident underscores the challenges authorities face in combating fraudulent activities within the cryptocurrency space. As digital currencies continue to gain popularity, law enforcement agencies globally are increasingly focusing on developing strategies to curb fraudulent schemes and protect investors from falling victim to such scams.
