Delhi, December 29: Delhi police unearthed a cryptocurrency fraud of a whopping Rs. 500 crores wherein the fraudsters duped the victims on the pretext of investing in their upcoming cryptocurrency. Cops have launched a probe into the matter. According to the police, the accused have allegedly fled the country.

According to the reports published in the Times of India, the suspects took the investors to Goa for holiday and organised a grand event there where they explained the complex process of blockchain technology and answered queries asked by potential investors. The suspects reportedly offered a staggering 200 percent returns on their investments and assured holidays in Dubai to large investors. Crypto Fraud: 36-Year-Old Held for Cheating Man of Rs 17 Lakh on Pretext of Investing in Cryptocurrency.

The complainant, in the FIR, alleged that the suspects told them that they are building a swanky office in Dubai. However, when a few investors went there, they were shown under-construction buildings. The suspects also claimed to be running a cooperative society bank in Maharashtra, which also turned out to be false, the FIR stated. Cryptocurrency Fraud: Indian Investors Likely Lost Rs 1,000 Cr to Fake Crypto Exchanges, Says Report.

The suspects promised returns of 200 percent within one year while 5 percent to 20 percent monthly returns along with other benefits. According to one victim, the suspects told them that the cryptocurrency has been launched in several countries. The two websites to check the investments and to withdraw it online showed an error message whenever the victims tried to withdraw money, the victim added.

(The above story first appeared on LatestLY on Dec 29, 2022 09:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).