Investors Lured With 7.5% Monthly Return Promise, Goa Trips Before ₹50 Crore Hardoi Crypto Scam Unraveled
Hardoi Police have registered an FIR against five people in an alleged Rs. 50 crore crypto forex investment scam that promised fixed monthly returns and attractive rewards. Police said the accused used the names Bombitex Exchange and BMax Reality to convince people that the investment plans were genuine.
The case reached the Pali police station after several investors claimed they lost money through the scheme. According to the FIR, the accused held promotional events in Hardoi, Sitapur, Lakhimpur Kheri, and Lucknow to attract new investors. Reports also claimed one of the main accused may have fled to Dubai, although police have not officially confirmed that information.
False Promises Used to Attract Investors
Police said the accused introduced themselves as company directors and claimed the firms had Financial Intelligence Unit, or FIU, registration. Investigators believe those claims helped build trust and encouraged more people to invest in the crypto forex investment scam.
The scheme allegedly promised a fixed 7.5% monthly return, telling investors that Rs. 1 lakh could earn Rs. 7,500 every month. Organizers also offered a free Goa trip for investments of Rs. 1.35 lakh and promised residential plots in Lucknow to people investing more than Rs. 5 lakh. They also encouraged existing investors to bring friends and relatives into the scheme.
Police Probe Money Trail and Investor Losses
Several investors said payments stopped after some time, while refund requests never brought their money back. Instead, the accused allegedly asked investors to move their funds to another platform and claimed fresh investments would recover earlier losses. Police believe this method helped keep the scheme running for a longer period.
Hardoi Superintendent of Police Ashok Meena said the investigation is now focused on tracking the money trail, checking the total losses, and finding more victims. Officials are also examining financial records and other evidence linked to the accused as the Hardoi crypto scam investigation continues.
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