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Cyber Crime cell busts bitcoin scam, arrests 2 from Haryana

India Today logo India Today 22-04-2018 Arvind Ojha
Image for representation only. © Getty Image for representation only.

The Haryana Cyber Crime cell today arrested two persons accused of running a fraudulent bitcoin investment scheme.

The cell arrested Deepak Jangra (37) and Deepak Malhotra (56) for the fraud. The duo launched the scheme promising high returns for investors through investment in bitcoin.

THE SCAM

The scam got rolling in December 2016 and investments were invited promising high returns to the tune of 12 per cent per month. Existing investors were paid referrel fee and commission for getting new members.

The members were told to buy bitcoins while the investment was taken in cash.

Some portion of this money was transferred to www.bitmineplus.org . This was a website run by the accused duo.

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Initially, the returns were given in the form of bitcoins. These confidence building measures helped the masterminds to attract more investment.

The scheme could last only for a few months before the bubble burst. As investors started questioning the duo about the monthly returns, Deepak Jangra introduced a new crypto-currency by the name of 'BMP' and tried to attract investors in this new scheme.

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He had planned to shift his investors on his new model but by the time the rising debt and the daily pressure from the investors was increasing. Deepak Jhangra shifted his base overnight to evade investors.

As a complaint was made with the Cyber Crime cell, an enquiry was taken up at Cyber Crime cell and a Special cell and a case was registered.

Acting on the information from various sources, the police nabbed Jangra and Malhotra.


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