Indian Authorities Uncover Major Cryptocurrency Investment Scam

Indian Authorities Uncover Major Cryptocurrency Investment Scam

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Authorities in the Indian state of Maharashtra have uncovered a significant cryptocurrency investment scam, which has led to losses of up to 300 crores.

City police claimed that Kiran Kharat and his wife, Dipti Kharat, enticed investors to invest in “GDC,” promising high returns, but investors suffered major losses instead.

A New Crypto Scam

Authorities in Maharashtra’s Jalna district claimed to have unearthed a major crypto scam, with investors losing funds to the tune of 300 crores. According to the authorities, the police were approached by an individual on Tuesday to file a complaint against Kiran Kharat and his wife, Dipti Kharat. In the complaint, the individual alleged that the duo had persuaded him to invest in a crypto called GDC and promised extremely high returns on the investment.

However, the promise of a high return turned out to be hollow, as the investor suffered major losses instead. The police, sensing something amiss and suspecting more investors to have fallen for the scam, issued a public announcement, asking people to approach them with their complaints if they had invested and lost money in the scheme promoted by the couple in question. Following the notice, the police department claimed that around 101 individuals approached them with complaints on a single day, with losses of up to 300 crores.

The case has been transferred to the Economic Offenses Wing (EOW), which has stated that it will be freezing the bank accounts of the Kharat couple. According to the authorities, the scam could involve around 10,000 investors and could run up to almost 700 crores.

A Political Twist

The case also took a twist when it emerged that the authorities had booked former Indian under-19 cricketer Vijay Zol after he was accused of kidnapping, extortion, and intimidation by the investment manager, Kiran Kharat. According to a report, the police filed a case against 15 people, including Zol, on Tuesday. Zol is the son-in-law of a local leader Arjun Khotkar, who is part of the party led by Chief Minister of Maharashtra, Eknath Shinde. Zol has been accused of threatening Kiran Kharat with a pistol and holding him hostage for over four days.

According to the report, the complainant claimed that Zol made an investment of around 10 crores in the GDC scheme. However, when the value of the investment dropped, Zol and his brother visited Kharat at his house and threatened him. In his complaint, Kharat also alleged that he was forced to sign property documents, transferring some of his plots in Zol’s name.

Crypto Scams Growing In India

This latest incident involving cryptocurrencies comes as scams in India have become alarmingly frequent. Just last week, authorities in Khandeshwar unearthed a crypto scam worth 30 crores. The accused were promoting a scheme associated with a company called Coin Zx through seminars hosted in a number of locations. The Reserve Bank of India (RBI) governor Shaktikanta Das, has repeatedly called for a complete ban on cryptocurrencies, equating them with gambling and stating that their perceived value is nothing but make-believe.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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