Cryptocurrency investment fraud in Nagpur involves 7 more accused has been arrested. 40 crore money was embezzled.

The Nagpur officials said the main accused Nishid Wasnik attracted the investors by showing its luxurious lifestyle.

Wasnik promoted people to invest in a firm that claimed to be dealing in Either cryptocurrency.

Highlights

The main accused Nishid Wasnik started hiding last year March.
He manipulated the numerical value of the firm to show the steady rise in value.
Once he had even conducted a seminar on cryptocurrency investment.

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The Nagpur cryptocurrency Investment Case in which 40 crore money from 2000 investors were duped is searching for more accused. The accused number reached 11 as on Sunday, after the arresting day of the main accused Nishid Wasnik, his wife, and two associates from Lonavala in Pune (Maharashtra), released by police.

An official also told that Nishid Wasniok used to attract the investor with his luxurious lifestyle and he used to say for investing money to its investors in a firm that was said to be dealing with Either Cryptocurrency whose price is 2.17 lakhs as of 10 am on February 21.

Official Statement

“He manipulated the Website of the firm to show a steady rise in the value of investment while Transfering money into his account fraudulently between 2017 and 2021. He had been even organized a seminar on Cryptocurrency investment in Panchmarhi in Madhya Pradesh,’ the government official said.

The main accused Nishid Wasnik went into hiding in March last year after involving the investor in its forgery and now he has been arrested from Pune district Maharashtra.

 On Sunday 7 more accused members including Nishid Wasnic, his wife, two more associates were arrested and charged under a section of the IPC, Maharashtra Protection of Interest of Depositors Act, band Information Technology Act statutes in Yashodhara Nagar police.

Cryptocurrency use is still not legitimized by the Indian Government but in the Budget Session of parliament 2022 Nirmala Sitharaman has laid down some introductory base to regularize the currency and also she has introduced a new virtual currency ‘Digital Rupee’ which still needs some clarification of working nature.

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