Three arrested over cryptocurrency chain-link scam in Bengaluru

The Central Crime Department (CCB) police in Bengaluru have arrested three individuals who have been allegedly working a Ponzi scheme by luring individuals to spend money on cryptocurrency and assuring engaging larger returns.

The accused have been recognized as Raghavendra, Nagaraju and Shivamurthy, all residents of HSR Structure. Joint Commissioner of Police (Crime) Sandeep Patil stated, “The financial offences wing detected one other Ponzi scheme/chain-link scheme in HSR Structure… (they) promised greater than 20 per cent returns and warranted larger returns on getting extra members. Additional investigation is on.”

A police officer stated, “The accused ran a agency named FOMOEX at a non-public resort in Yelahanka. They claimed enterprise presence within the USA, Singapore and China.”

The police stated they’d give you a chain-link mannequin by which members of the agency could make others be a part of the platform and they’d get fee for it. For example, in the event that they make an individual make investments 100 US {dollars}, the individual would get 10 per cent fee on the package deal each month, the police added.

It was additionally discovered that the accused had earlier cheated a number of individuals in an identical chain-link rip-off.

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