Cryptocurrency market has been volatile with people experiencing very high gains and some very worst crashes. RBI has issued a statement earlier that it has not given any company authority or license to operate in the cryptocurrency space in India and have cautioned people about several fraudulent elements. In spite of various such warnings, people have been investing in cryptocurrencies under the impression of ‘making money quick’.
In India, many people do not understand the concept of cryptocurrencies other than the fact that it can be used to make huge amounts of money. Hence, it has become an advantage for various imposters to lure others in the pretext of investing money in cryptocurrencies and making them rich but ends up cheating them of lakhs of rupees. DCP Bhisham Singh of Crime Branch, Delhi has been operative in catching and putting a stop to various such people and Ponzi schemes by which many have lost a huge sum of money.
During one such incident, his team managed to nab a 32-year-old man on December 2017 belonging to a gang which was responsible for cheating thousands of people under a fake cryptocurrency coin, ‘Kashh Coin’.
According to the police, this gang used to make promises that the Kashh Coin would go up soon and they started selling a coin at Rs. 3.50. They conducted seminars and brought in prominent celebrities to create an impression of trustworthiness and got people to invest in the coins through a website. One such investor, Arun Kumar, had lodged a complaint with the police that he had been cheated of Rs.25 lakhs. On following the trail, they found various other people who had been cheated and finally caught Narendar, who has also named the other accused in the case but is still at large.
He has been instrumental in these investigations and to catch the fraudulent people. In Delhi, three traders registered a case with the police that their computers have been hacked and encrypted by hackers and they were demanded to give ransom in bitcoins to release their documents in January 2018. Though there were formal complaints from three traders, on further enquiry it was found that many such traders have also been victims of these hackers. The police have confirmed this hacking and are suspecting it to be originating from Nigeria or Pakistan. The team is now examining the hard disks obtained from these computers. The Cyber Cell team of Crime had nabbed yet another two persons on February 2018 who were cheating people under the false pretence of a trading in cryptocurrency RHF Coin, which they claimed was from the Rosneft, an oil-based company. “Rosneft is a Russia-based oil company and has no links with the accused or Rosneft Hedge Fund. The oil company has stated clearly on its website that it is not in partnership with any company that promises returns on small investments in a very short span of time,” said Bhisham Singh.
The accused, Sandeep Kaushik and Ashish Malik launched Rosneft Hedge Fund in 2016 and introduced the fake cryptocurrency, RHF Coin or RHF Gold, which was offered at Rs.3.50 per coin. They duped people into investing huge sums of money on the false impressions of large growth in the market. The mastermind behind this, Ajay Hari Nath is still at large. Under RHF, the gang had cheated people of around Rs. 20 crores. They organized seminars in big hotels and invited people to learn more about RHF and also brought in various celebrities to be the face in the seminar. They would take payments in the form of bitcoin, cheque or cash and convert it into the fake cryptocurrency. In another case, the team busted an international syndicate of debit card cloners on February 6th, 2018. The money taken from the ATM machines was converted into cryptocurrency and was distributed among the members of the gang. The police managed to nab Nasir Ansari when he was taking money from the ATM. He told that he was sending the money to Sheikh in Dubai through a middleman, Bhardwaj. After a brief inquiry, police nabbed Bhardwaj, who accepted that he was sending the money in the form of bitcoins to Sheikh and Sheikh would procure data related to debit cards and pass it on to Ansari through him. The police are still looking for Sheikh in Dubai.
Under his leadership, the Crime Branch of Delhi has been able to nab various fraud people and fake companies and helped people get back crores of rupees cheated from them. A valuable asset to the Crime Branch, it is with no doubt that, Singh’s involvement in the cases has been a vital element in bringing many accused to justice and help other people from getting cheated.
A big salute to DCP Bhisham Singh, who is playing an important role in mitigating the frauds happening under the name of cryptocurrencies. Various such rackets have been under the radar of the Indian government for quite some time and have been tarnishing our country’s name in front of the global crypto fraternity. It is high time that these fraudulent elements are curbed as Indian Police have been quite active in pursuing and putting a stop to various such rackets operating all over India.
Delhi Police in india is best. And u are also doing gr8 job by highlighting the need for education
Thnx
It's only a matter of time before other countries start cracking down on crypto scammers.
Hope so
Oh, this is really bad. Yes, crypto currency has potential but the way people have started to use it, it will ruin the essence.
You are right, my one friend has also received those kind of ransom calls.
be vigilant and dont fall victim. thnx
@prameshtyagi Thanks for your post. I like the post. I am very interested it.
Incredible india, just needs a little awareness of cryptocurrency.
Yes
Most people have a wrong notion about cryptocurrencies and they think that just investing in it you will earn a huge payout but it turns out they were scammed or they invest in a wrong platform. They were unaware of crypto being so volatile and it could crash anytime. They should study first and learn how to play this kind of game.
I heard that Bitcoin was banned in India? is it true? heres the Link
It is not a legal tender in India. They are not banned.
wow
This is why you dont buy coins that is not in cryto market. Hundreds of "kind of coins" people selling and trying to scam others . A lot of people heard about crypto but not all know how it realy works . And i agree with your blog .
yes that is is the problem. People need to educate themselves first before jumping in.
soon this could be banned by indian government
Not at all
people use it for wrong purposes
Yup
It is good to keep bad elements away as much as possible in the society, Fraud is a nightmare to investor, great initiative.
pls share any fraud that u come across. thnx
Very good information. But India still needs more cyber officers, cyber courts and judges. India should now be serious of the cyber crimes happeningin the country because there has been a huge increase in internet users for both legal and illegale causes since jio was launched.
absolutely correct and it is our duty to keep highlighting the issue on any platform we are doing any activity. Thnx again.
This post has received a 51.67 % upvote from @boomerang.
Thnx for support.
Useful information
It is important for people to know that police of respective countries are doing gr8 work to catch crypto space frauds. And it is our duty to highlights the frauds as well as efforts by the police.
This post has received gratitude of 36.65% from @appreciator courtesy of @prameshtyagi!
thnx for yr support
I can't believe I'm reading this @prameshtyagi. Just a couple of minutes ago I was telling the gents about the power that comes out of the Arabia. This Sheikh guy looks like a general. We were also talking about the power of the Dinar so this is such a dope coincidence...
True. We need to be vigilant for the benefit of all and support those who are after fraud activities
Absolutely. There's no such thing as being to careful in the cyber space..
Bad elements are everywhere, that is why i don't blame the government's of countries who out rightly rejected cryptocurrencies. Your post is very rich in content and it was an interesting read. Thanks a lot.
So nice of you to recognize the content and intent. Appreciated.
after reading this crypto currency awareness reamains a big issue for indians as these fake scam ruin crypto space in india with people treating gud projects with disdain
Vote me
Done
Done
very nice I hope more income @@@titanik
income is separate issue. Objective is to bring it to the notice of crypto world
Very good news. Thanks for the great work posted and effort put in to let the general public know about it.
dear @wesakab - I will feel more happy if similar content is shared regularly on steem platform and trend without promotion support. However, for the time being I am ok to see that people are appreciative of the content and intent.
nice post ..
thnk u @crow34
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Thnx for yr support
I have already Follow u and Given u Vote pls Dnt mind Given me a vote pls pls pls
thnx for your support. Would visit yr posts
Hola, esto es un gran llamado a las autoridades policiales de todos los paises del mundo para hacer seguimiento a las autoridades policiales y dar con el paradero de estos hackers y hacer que paguen con prisión. Excelente post. Gracias
I am sorry. I can not understand the language but appreciate u and thank u
Great post! You just got a 41.93% upvote from @edensgarden!
Thanks for tasting the eden!
thnx for support
This post has received a 13.13% upvote from @aksdwi thanks to: @prameshtyagi.
thnk u
good post!
thnk u
Hi bro,
How are you.
Plz... Help for me.
Thnx bro and all the best
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thnx for support
Nice post
thnk u for you kind words. And pls keep sharing if you see any crypto fraud around you
very good information ...
thnx @aliumut
Due to all these incidents, people in our country of India begin to understand crypto as fraud.
true. So let us keep spreading awareness so that crypto is not misunderstood.
Yes you have warned people through this post, and have made people aware, have done commendation work.
whoa, singham of cryptos
yup
Thank you so much for your efforts they pay off well for those who thought they could be crypto currency fraud stars its not possible
thnk u.
Good information
thnx
The basic thing here is that there are far too many people into cryptocurrencies in India very recently and going by the comments I have seen on some of the biggest FB groups in the country, a good majority have practically no basic understanding of the concept of how cryptos work and are in too much of a hurry to make money. These are the guys who are more likely to fall prey to scammers easily.
wonder how many such people are having schemes such as "KashKoin" to scam people off their hard earned wealth.
Crypto scammers are now getting as common as the network marketing Ponzis from the last decade (Goldquest anybody) ..
you are right. My objective is to be of some help to people by highlighting these issues. More we write more people will be aware of these frauds.
Muchas personas tienen una idea errada y los estafadores aprovechan eso.
thnx
Thanks for the great work posted
good news
thank u bro
The vast majority have a wrong idea about digital forms of money and they imagine that simply putting resources into it you will gain a colossal payout however it turns out they were misled or they put resources into a wrong stage. They were ignorant of crypto being so unpredictable and it could crash whenever. They should think about first and figure out how to play this sort of amusement.
true. it is not gamble or lottery but a new form of business. it should be evaluated accordingly and then invested
this is the reason people should question and test the genuineness of these new coins cropping up everywhere.
right. E.G. Steem is one of the best blockchain as it has product. Ethereum is a platform on which many ICOs can be issued so again a good product
excellent post brother and very interesting, I think you have to create awareness, people want immediacy and make money quickly, and fall into these traps, you have to be very careful with this issue. thanks for your post greetings ...
right. people have to remember that there is no way to grow money overnight. hard and smart work is necessary
Supper
thnx
great information.. thanks for sharing..
thnk u
В днешно време измамите са под всякаква форма , за това не трябва да се доверяваме лесно и най вече да не се правят големи начални инвестиции в нещо несигурно.
i can not understand. but thnx anyway
Hello, you are right in a lot of what you write, I liked your publication, I am new to steemit, I invite you to visit my profile and see my first post, I hope you like it and I count on your support, blessings !!!
thnk u and i will check yr profile
nice photo
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Thank You! ⚜
Thnx
interesting post I liked a lot, it seems to me that as happened in India can happen in other countries, so we must be vigilant as many people seek to buy crytocurrency to get money and improve their quality of life. We must be vigilant in this world of crytocurrency
That is correct. And we all together can nail it
most indian people start fake crypto website and cheat our country people
Unfortunately yes. We need to become better citizens
It’s a great service by Delhi police, many innocent people will be saved from the hands of these cheats/conmen
Delhi Police 👮 is really doing the needed. More proactive action will be much more helpful