₹1.31 Crore MING Coin Scam App Exposed in Saharanpur

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Uttar Pradesh’s Saharanpur cyber authorities have arrested two individuals for a ₹1.31 crore cryptocurrency scam involving the fake “MING Coin” platform.

The Scam Unveiled

Cyber authorities in Uttar Pradesh’s Saharanpur have detained two individuals accused of orchestrating a fraudulent cryptocurrency investment scheme that defrauded a business owner of ₹1.31 crore. The operation involved a deceptive digital platform named “MING Coin,” which was promoted through coordinated online activities and fabricated financial incentives.

The MING Coin Platform

The victim, Anshul Gupta, reported losing ₹1,31,25,200 through the scheme, prompting a formal investigation. Cybercrime units analyzed financial transactions and digital footprints to trace the perpetrators. Surveillance and location data led to the identification of the suspects in Khoda Colony, Ghaziabad, where they were apprehended.

Investigation and Arrests

The arrested individuals, Saddam from Bihar’s Saran district and Javed Ansari from Jharkhand’s Dhanbad, are linked to a company called SD Placement, which served as a front for the scam. During a search operation, law enforcement recovered multiple devices, including three mobile phones, a laptop, scanners, a POS machine, and numerous SIM cards. Additional items seized included bank cards, cheque books, business documents, and financial records.

The Suspects and Their Links

The suspects are associated with SD Placement, a company used to mask their fraudulent activities. The recovered items suggest a well-organized operation targeting unsuspecting investors through digital platforms.

The Fraudulent Tactics

Investigators revealed that the suspects created a deceptive investment ecosystem centered around the MING Coin platform. They utilized Telegram groups to disseminate false information, sharing fabricated profit screenshots and fabricated testimonials to gain trust. A toll-free number was also employed to simulate legitimacy.

Luring Victims

Victims were lured through invitation links and added to private groups where manipulated data was presented to encourage investments. Once participants deposited funds, the fraudsters allegedly restricted withdrawals or redirected money through a network of bank accounts.

Ongoing Investigation

The investigation continues to analyze digital evidence and financial trails to identify additional suspects and recover misappropriated assets. The case highlights the growing prevalence of cryptocurrency-related fraud, emphasizing the need for heightened awareness and rigorous verification of digital investment opportunities.

Public Awareness and Caution

Law enforcement agencies are urging the public to exercise caution when engaging with unverified platforms and to report suspicious activities promptly. The cyber authorities have reiterated the importance of verifying the legitimacy of investment schemes before committing funds.

“This case underscores the need for vigilance against digital fraud. Investors must verify the authenticity of platforms and seek professional advice before making financial commitments,” said cybercrime authorities.