Delhi Police Uncover Cryptocurrency Scams Worth Over 1000 Crores
Investigation into Cryptocurrency Scheme Underway
The Economic Offences Wing of the Delhi Police has initiated an investigation into a suspected cryptocurrency-based Ponzi scheme, which promises unusually high returns to investors.
Scope of Investigation
- At least 30 victims have come forward, but officials suspect the actual number may be higher
- The police are examining bank accounts, digital payment trails, investment records, and international financial transactions to track the flow of money
The scheme allegedly involved luring investors with promises of a 10% monthly return over a 25-month period, totaling a 250% return on initial investment. Early investors reportedly received their promised payouts, but later payments became irregular, and some funds were diverted into foreign real-estate projects without consent.
“We are scrutinizing all available information to bring those responsible for this alleged scam to justice.” — Officials from the Economic Offences Wing
Regulatory Warning
Experts caution that schemes promising unusually high, guaranteed returns with minimal risk are often indicative of financial fraud. Investors are urged to independently verify a company’s regulatory compliance, business model, and financial records before investing any capital.
The Economic Offences Wing continues to analyze banking data and victim statements to determine the full extent of the fraud, with several individuals facing allegations of cheating, criminal breach of trust, and criminal conspiracy.
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