2024

DeFi

April

Planet

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 Indian authorities are investigating a cryptocurrency investment scam that has defrauded at least 320 individuals in Andhra Pradesh of millions by promising unrealistic monthly returns of 10%, according to a<a href="https://www.deccanchronicle.com/southern-states/andhra-pradesh/ap-cryptocurrency-scam-320-victim-lose-over-23-crore-1835310" rel="noopener noreferrer nofollow"> report from the Deccan Chronicle</a>.
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The scheme, allegedly orchestrated by a single individual named “Ramanjaneyulu”, has resulted in reported losses of at least INR 23 crores (approximately $2.73 million). However, some estimates indicate the total could be even higher.
Ramanjaneyulu reportedly attracted investors by offering guaranteed monthly returns for each one-lakh-rupee (about $1,200) invested, claiming to operate through reputable exchanges such as Binance and OKX to gain trust.
The report indicates that the scam has been running since 2021. The victims include a range of professionals, from government employees and politicians to local traders, with some even taking out loans to participate.
Local police launched an investigation following multiple complaints received in the past month.
This case is part of a broader trend of crypto-related scams in India, where adoption rates have surged. The country holds the top spot in<a href="https://www.chainalysis.com/blog/2024-global-crypto-adoption-index/" rel="noopener noreferrer nofollow"> Chainalysis’ 2024 global crypto adoption index.</a> However, the country’s rising grassroots engagement with cryptocurrency has unfortunately attracted scammers as well. Between October 2023 and March 2024, citizens <a style="color: #0000ff;" href="https://www.wionews.com/india-news/cyber-slavery-thousands-of-indians-are-trapped-and-tens-of-thousands-have-gone-missing-in-south-asia-763178" rel="noopener noreferrer nofollow">reportedly</a> lost around INR 500 crores (approximately $60 million) to crypto-related scams.
In September, local authorities<a style="color: #0000ff;" href="https://defi-planet.com/2024/09/indian-police-launch-investigation-into-datameer-crypto-app-for-alleged-119k-fraud/" rel="noopener noreferrer nofollow"> launched a similar investigation involving a crypto app named Datameer</a>. More than 700 individuals were reportedly defrauded of around INR 10 million (approximately $119,000) due to this app, which was launched in April 2024. The authorities claimed that the app attracted victims through social media, encouraging them to “invest” with promises of returns of up to 50%.&nbsp;
Meanwhile,<a href="https://defi-planet.com/2024/10/binance-indian-police-bust-solar-crypto-linked-power-scam-over-100k-in-usdt-seized/" rel="noopener noreferrer nofollow">&nbsp; the Delhi Police, with help from Binance,</a> reportedly dismantled a fraudulent crypto operation that falsely claimed ties to India’s renewable energy projects to defraud investors. Over $100,000 worth of USDT was seized, and several arrests were made.
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The post <a href="https://defi-planet.com/2024/11/indian-police-investigate-2-7m-crypto-scam-promising-fixed-returns/" rel="noopener noreferrer nofollow">Indian Police Investigate $2.7M Crypto Scam Promising Fixed Returns</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Indian Police Investigate $2.7M Crypto Scam Promising Fixed Returns

DeFi Planet

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