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Fake crypto ring busted in Odisha

PNN
Updated: January 21st, 2024, 09:34 IST
in State, Top Stories
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Balangir-foto-1- Arrested 7 Accused of fake Crypto currency case

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Bolangir: Bolangir police claimed to have busted a major fake cryptocurrency syndicate operating out of the western Odisha district that moped up around Rs15 crore from 2,000 unsuspecting investors, with the arrest of its seven operatives including the mastermind, Saturday.

Bolangir SP Khilari Rishikesh Dnyandeo identified the accused as Prasant Meher— the mastermind – Dushmant Meher, Hemant Meher, Amiya Pradhan, Kumar Pradhan, Kishore Deep — all from Bolangir, and Subrat Ojha of Jajpur.

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The police have seized Rs8,34,300 cash, four luxury cars – including one Mercedes – five motorcycles, seven laptops and 25 mobile phones from their possession. Bank deposits worth over Rs55 lakh have also been frozen, the SP said adding that an office at Sudapada and a shop near the Patnagarh veterinary hospital have been sealed.

Preliminary investigation revealed that the syndicate had plans to raise Rs100 crore in cryprocurrencies using the money of investors who they trapped through a network of 600 agents with promises of huge returns and foreign jaunts, SP said. The mastermind and his associates allegedly formed a blockchain firm, Magmatide Sustainable Solution Pvt Ltd, and launched a token in the name of ‘DYKAN’ with the help of a Gujarat-based firm using the latter’s web-based app to start cryptocurrency business. They later registered the crypto on a bitcoin exchange.

Prasant, who was the admin of the app, would entice the investors by manipulating the crypto value figures. The agents were given a target, while the company used digital platforms, including YouTube, to enhance customer base. They collected approximately Rs12-15 crore from 2,000 investors, the SP said, adding that the mastermind has studied up to Plus II.

PNN

Tags: BolangircryptocurrencyCyberfraudOdisha
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