[2016-07-28] IE: First cryptocurrency fraud busted, kingpin arrested in Bengalur

[polynesia]

First cryptocurrency fraud busted, kingpin arrested in Bengaluru

http://www.newindianexpress.com/cities/hyderabad/First-cryptocurrency-fraud-busted-kingpin-arrested-in-Bengaluru/2016/07/28/article3550570.ece

In one of the first reported cases of cyber crime, involving cryptocurrency in Hyderabad, the complainant was lured to invest Rs 18 lakh on www[dot]3gcoin[dot]eu, which claimed to return 180 times the invested amount in two years.

The company’s operations head, BM Jagadeesha, was arrested in Bengaluru by the Cyderabad cyber crime team on July 16 and is now on remand.

“Though cases have been registered on the basis of cheating, forgery, fraud, impersonation, breach of trust, this is the first case of its kind registered with Cyberabad police regarding cryptocurrency,” said Md Riyazuddin, inspector of police (cyber crimes), Cyberabad.

[crypt0crazy]

Though it seems a real fraud but in digital currency world getting 180 times the invest is not a surprise at all. With new crypto currencies emerging every now and then, one can bet on crypto currency and get filthy rich in no time!

[polynesia]

Though it seems a real fraud but in digital currency world getting 180 times the invest is not a surprise at all. With new crypto currencies emerging every now and then, one can bet on crypto currency and get filthy rich in no time!

Anybody claiming to do that with your money is definitely a fraud.
If I knew of a sureshot way to get 180x of my money, I wouldn't go around trying to get others to invest in this scheme.