Two held for bitcoin fraud

New Delhi, April 21

The police have arrested Deepak Jangra (37) and Deepak Malhotra (56), both are residents of Sonepat, the masterminds of the fraudulent scheme launched on the pretext of high returns on bitcoin investment, said a police official.

The online portal was claiming the returns on the basis of bitcoin mining and trading, and also falsely claimed to be operated by a US-based company.

Total 5,000 IDs have been found to have been duped by them and these IDs have invested in the luring scheme. Initially, the returns to the tune of 12 per cent in a month were offered. The plan had the ingredients of monthly payout and the referral income for the persons on the top line, he said.

The scheme could last for few months before the bubble busted and the investors started questioning for the promised returns. On this Jangra introduced a new crypto-currency by the name of “BMP” and tried to divert the investors. – TNS