Friday, May 27 2022

MUMBAI Police last week registered an FIR against five people for allegedly defrauding investors of Rs 2.86 crore by promising them high returns on investment in “BUXCOIN”, a cryptocurrency which, according to the charged, would bring them high profits.

The main defendant, Delhi resident Ganesh Sagar (47), was arrested earlier this month by Pune police in connection with a similar scam in the city.

The accused was known to have held several seminars in Dubai, Malaysia and various Indian cities including Pune and Mumbai asking people to invest in cryptocurrency.

In the present case, the plaintiff is a retired police officer who had invested Rs 4 lakh in the blockchain and had his relatives invest more than Rs 3 lakh.

DCP (Area VII) Prashant Kadam said: “An FIR was registered at Pant Nagar Police Station last week. The defendants are currently being held by Pune police. We have written to the court requesting their custody for questioning in custody in the case we have registered. »

The defendants used to hold seminars at a hotel in Ghatkopar every Sunday, where they invited people to invest money in ‘BUXCOIN’ through their company ‘bitsolives’, an officer said. Pant Nagar police station.

Sagar, along with Prashant Brahmabhat and Chandrashekhar Bali, were directors of bitsolives and an Anuj Ojha was the administrative head, all of whom were named as defendants. The fifth defendant is Mohsin Jamil, owner of a company involved in blockchain development and forex trading.

The complainant, along with other investors, had been told that they could withdraw their money after two years and had been promised high returns. Investors could also log into the company’s website, where they could see the cryptocurrency’s value rise and fall. However, after two years, when the complainant tried to withdraw the money, he was unable to do so.

Later, he discovered that even the company’s website had been taken down. When he tried to contact the company’s executives, he got no response from them.

Earlier this month, when the complainant discovered that Sagar had been arrested by Pune Police in connection with a similar complaint, he approached Pant Nagar Police, where an FIR was registered against Sagar and four others.

Based on the initial investigation, the police found that the accused had collected Rs 2.86 crore from investors. An officer said based on the accused’s questioning, they would determine how many investors were duped.

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