Crime Branch registers case in crypto currency fraud
SRINAGAR, DECEMBER 22: Crime Branch Kashmir today registered a case against a private company, GAINBITCOIN, for inducing people to invest their crypto-currency-Bitcoins in their company to fraudulently grab their hard earned money.
In a press release issued here, CB spokesperson said that the department received a complaint from aggrieved persons, stating that they had purchased BITCOIN worth lakhs of rupees and subsequently one representative of a company viz” GAINBITCOIN” approached them and invited to invest their Bitcoins in the said company and the company will repay 180% in lieu of the Bitcoins they invest. Likewise, the aggrieved persons invested their earned BITCOINS in the paid GAINBITCOIN company and the company promised them to pay 180% in 18 months, in a way 10% of the promised amount per month. But the company failed to repay what they had promised. Consequent upon a preliminary verification was initiated at Crime Branch Kashmir.
During the course of an enquiry, it came to fore that complainants had purchased bitcoins from ZEBPAY by investing their hard earned money. Thereafter on Manjeet Singh Saho representative of GAINBITCOIN induced them to invest their Bitcoins in the said company with the assurance that the company will return 1.8 Bitcoins in lieu of one Bitcoin in a period of 18 months. Subsequently, the complainants opened E-Account one Wallet (Mobile App) as advised by the company for crediting assured amount in the said accounts. The respective accounts of the complainants were credited by the amount as assured by the company with the condition that the amount cannot be withdrawn for a period of six months. After the expiry of 06 months when the time of withdrawal commenced, the said company crashed these Wallet Accounts and also crushed those websites, thereby cheated the complainants and duped them of their hard earned money.
The company GAINBITCOIN was found affiliated and working on the platform of VARIABLETECH PTE. Ltd. owned by Amit Bardawaj, Ajay Bardawaj and Mukesh Chandra. They hatched criminal conspiracy with Manjeet Singh Saho to induce the people to invest their Bitcoins in their company and then fraudulently and dishonestly grabbed their hard earned money. Accordingly, for their criminal acts the said offenders have been booked under relevant sections of the law, at P/S CBK.