Rs. 800 Crore Crypto Scam Busted in India: Fake Apps Showed Profits and Trapped Investors – Mastermind Arrested, Stay Careful with Online Investments
A huge Rs. 800 crore crypto scam has been exposed in India. The Uttar Pradesh Special Task Force uncovered a big cyber fraud network that cheated people in many states. Police arrested the main accused, Jatindra Ram, from Saharanpur.
The accused ran a crypto investment fraud using fake trading apps and fake companies. He created a wide network in cities like Noida, Dehradun, Haridwar, and Faridabad. The group used social media, meetings, and messaging apps to reach people.
How the Scam Worked
The Rs. 800 crore crypto scam used platforms like MT5 and companies such as C Prime Capital and SEA Prime Capital. These apps looked real but showed fake profits. At first, some investors received small returns. This made them believe the system was genuine.
After gaining trust, the fraudsters asked people to invest more money. Many people added large amounts after seeing profits on the screen. Later, withdrawals stopped. Accounts got blocked, and the apps stopped working. Victims lost their money.
Complaints Revealed the Large Network
The case started after complaints in Ghaziabad. One person lost Rs. 55 lakh. Another person reported a loss of about Rs. 2 crore. Police then found that the fraud was not small. It was a large cyber fraud network working across Uttar Pradesh, Delhi, Haryana, and Uttarakhand.
Police said the gang used a referral system. People earned commission by bringing new investors. This helped the scam spread quickly. Reports show that thousands of people joined through this chain system.
Investigation and Public Warning
Investigators also found that money moved through cryptocurrency and foreign accounts. Funds went to places like Dubai and Mauritius. This made it hard to trace the money.
Experts say such crypto investment fraud cases follow a simple pattern. Fraudsters give small profits first. This builds trust. Then they push for bigger investments. After collecting large money, they stop everything and disappear.
Police believe more people are part of this Rs. 800 crore crypto scam. The investigation is still going on. Officials are checking records and digital data to find others involved.
This case shows the danger of fake trading apps and quick profit promises. Authorities have warned people to stay careful. Any scheme that promises fixed or high returns in crypto or trading can be risky.
The arrest of the main accused is an important step. More details may come out as the investigation continues.
