Indian Police have Arrested Crypto Centric Ponzi Scheme Mastermind

Ponzi Scheme is a successful scam model in regions where the people are not very well informed. The same can be said for India. The South Asian Country has the third-largest population in the world and a struggling economy. Several crypto-based Ponzi Schemes have been raising heads in the market for the last few weeks.

One such scammer mastermind Ranganath DS was recently apprehended by the Bengaluru Police and City Crime Branch (CCP). Ranganath was running a crypto investment site called GainBitcoin. This website offered investors an unrealistically high return on their investment in a matter of a year. According to a new statement by Ranganath, he was inspired by a similar Ponzi scheme in the Maldives that targeted him.

More information about crypto-related scams must be made public in places like India. There are other Ponzi Schemes like Bitconnect in Gujarat region that duped people in the same manner. The most obvious giveaway of these scams is that they offer investors an unrealistically high return on their investment.


Get Your Money Back!

Get your money back from scammers!
Fill the contact form information on the page in this link and you can get the assistance you want in order to return your stolen money! You will be helped through the entire refund operation by the help line of a recommended money recovery service after which a client file will be opened for you by a personal case manager.


GainBitcoin claims that anyone who invests 15,000 in the project will be able to get a return of 1 lakh in Indian rupees or INR. On the other hand, an investor who invests 50K will be able to get back 3 lakh INR in a matter of 12 months. Bengaluru Police claimed that GainBitcoin duped around 2000 people from regions like Mysuru, Mangaluru, Dharwad, and Hubli.

Investigators Claim that People have Lost Billions in Crypto Scams

The CCP claims that crypto investors in India have lost billions in different crypto scams during the last five months. The investigators further added that it is not possible to estimate the correct amount of loss as many high net worth investors prefer to remain unnamed or do not come forward to file reports about their losses.

Data from Chainalysis indicates that since 2020, crypto-related crime gains went down from $9 billion to $2.7 billion. However, Chainalysis also claims that individual scam victims have increased from 5 million to 7.3 million since 2019. It makes for a 43% increase. The news coverage and educational services may inform people about different scams. People need to discuss these scams in their social circles to raise awareness and prevent more losses.


How To Get Your Money Back?

Get your money back from scammers!
Fill the contact form information on the page in this link and you can get the assistance you want in order to return your stolen money! You will be helped through the entire refund operation by the help line of a recommended money recovery service after which a client file will be opened for you by a personal case manager.


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