Indian Authorities have Arrested the creators of a deceptive crypto investment application

Indian Authorities have Arrested the creators of a deceptive crypto investment application

Headline: Creators of $1.8 Million Fraudulent Crypto Investment Application Arrested in India

The text of the article:

As a result of a thorough police operation in the state of Odisha, India, a fraudulent scheme involving cryptocurrencies totaling more than $1.8 million was uncovered. A group of foreign citizens, mainly from Cambodia, were detained on charges of creating and distributing the India SEBI mobile application, through which they illegally attracted investments in cryptocurrency.

It is reported that these Cambodian citizens carried out their activities in the city of Rourkela, which is located in the state of Odisha. Using the India SEBI mobile app, they promised investors from India and other countries unrealistically high returns in a short time, which is a typical feature of financial pyramids.

Six people were detained, including the organizer of the fraudulent group, Ujjaval Utkarsh and his accomplices Nabin Rao, Sanjib Jain, Pankaj Rao and Md Nasiruddin. As a result of the actions of law enforcement agencies, the suspects' bank accounts were blocked, as well as SIM cards used to coordinate fraudulent activities were seized.

The Odisha Police is actively investigating and calls on all those affected by the actions of the creators of the India SEBI mobile app to file official complaints to further restore justice.

This is not the first time that Indian law enforcement agencies have encountered cryptocurrency fraud. Several individuals associated with the Singapore-based company Variable Tech Pte have recently been arrested, one of whom is accused of bitcoin fraud.

Indian authorities continue to combat the growing number of fraudulent transactions in the cryptocurrency sector, emphasizing the importance of vigilance and discretion of investors when investing in digital assets.