Common investors are not well-versed in cryptocurrency investing and have little knowledge about how to invest safely in them. Recent examples include a case in which a victim was robbed of Indian Rupees (Rs.). 22 lakh, or approximately $27,000
Information about the Case
According to the First Information Report (FIR), Harshad Patel was introduced to the police by Kamlesh Patel, his business partner and friend. He wanted to invest in bitcoin in 2017.
Harshad was convinced by Alpesh and Bharti Suhagia, who claimed that BTC’s price had soared up to Rs. 70,000 in 2017, from Rs. 10 in 2009. Harshad gave Rs 15 lakh (approximately $19,000), to Suhagia to invest in Bitcoin on his behalf.
Harshad was informed that the bitcoin wallet would take time to prepare. The Suhagia couple introduced Harshad, who was convinced to transfer his investments into a crypto investment plan called Senar Wallet.
Harshad transferred Rs 1.24 lakh to Senar Wallet. This was approximately $1,700 as a return for his investments in July 2017 and August 2017. He didn’t receive any additional returns on his assets, nor the principal, despite numerous requests. This led him to file a police complaint in March 2022.
These are just a few examples of such cases
This follows a similar fraud case that saw four Ahmedabad police officers arrest four people last month. They ran a multilevel marketing scheme using Bulltron, which was supposed invest in Tron (TRX).
CryptoPotato recently reported on another interesting case. During the 2018 investigation into a case, a former Indian Police Service (IPS), officer was taken volontairely out of service and began offering private investigation services for crypto fraud cases. He was also arrested with a technical expert who stole digital coins.
The Advertising Standards Council of India (ASCI), a regulatory body for India’s advertising industry, has released a separate advertisement guideline for the crypto sector. It addresses the problem of hype and exaggeration in advertisements from companies that use digital assets.
The disclaimer was mandatory for all NFT ads, cryptocurrency and digital exchange. The disclaimer stated that NFTs and crypto products are not regulated and could be extremely risky. These transactions may not be subject to regulatory oversight.
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