Another Crypto Related Arrest By Indian Police?

By Rishma Banerjee

With the rise in the popularity of cryptocurrencies, the number of scams as well as the scale of fraudulent activities is on the rise as well. According to recent reports, Indian police arrested 4 suspects in a high profile crypto scam case. The Times of India reported on 22nd March that law enforcement in Mumbai, India have arrested four more suspects allegedly involved in a cryptocurrency scam that amassed an estimated 1 billion rupees (over $14 million).

As crypto as a medium is the easiest to perpetrate scams and frauds, due to its decentralized nature, it is becoming more and more susceptible to be used unlawfully. The report says that four suspects by the names of Ashok Goyal Jaipuria, Asif Malpani, Baljit Singh Saini and Pradeep Arora have been arrested. Along with that, most of Goyal’s bank accounts have been reportedly frozen as he was allegedly the head of the scheme. The Times of India also states that an unnamed Bollywood actor had also been involved and had attended the promotional events of the scam. But though the actor’s identity is yet to be disclosed reports indicate that he will also be brought in for questioning.

The case regarding this scam had been burst open back in February but the whereabouts of the ring leader had been unknown back then. It is only recently that the police got wind of his location and were able to make the arrest.

The first report of the scams was submitted in Surat where the victim was allegedly scammed of nearly one hundred and fifty thousand dollars. At the beginning of January, Indian police also arrested an associate of a separate group accused of conducting a crypto scam involving 5 billion rupees (about $71.6 million).

Cases like these are on the rise, and any crypto transaction, before being confirmed must be cross-checked for authenticity. Another way to avoid such a fate would be to make informed decisions and rely on internationally trusted sources and tools.