In #India , a group of #scammers who had been operating since 2018 in the state of Himachal Pradesh have been exposed. They enticed investors with pseudo cryptocurrencies named KRO or DGT and led them into an investment pyramid scheme.
According to Indian law enforcement, the scammers managed to lure in thousands of investors and defraud them of over 200 crores rupees (more than $25 million). They attracted people with promises of high profits in exchange for investments in "high-yield cryptocurrencies" like KRO, DGT, Hypenext, and Aglobal.
To simulate a profitable aspect, the scammers employed network marketing schemes, encouraging earlier investors to recruit new participants and paying them from the contributions made by newcomers. Fake websites were created to deceive investors, where the criminals manipulated coin prices.
Following numerous complaints, the police initiated eight criminal cases, and five individuals were arrested and charged with fraud. However, the mastermind behind this cryptocurrency scam managed to escape, and efforts are currently underway to apprehend them.
Earlier, the police in the Indian city of Jamnagar reported the arrest of a group of crypto scammers who were offering gullible investors fake USDT stablecoins at half their nominal value.
