Three retired Indian army veterans have been scammed out of nearly $96,000 in cryptocurrency investments, according to a report filed with the Pune police.
The ex-servicemen had hoped to secure their pension funds but fell victim to promises of swift and significant returns. The fraudsters behind the scheme guaranteed a 10% return on the amounts deposited and assured the veterans that their investments would double within 20 months. These enticing promises led the veterans to invest their hard-earned pension funds into the cryptocurrency platform.
Earlier this year, the organizers of the scheme aggressively marketed their investment products through seminars held in Lonavla and Wagholi. What were initially presented as educational sessions on the benefits of cryptocurrencies turned out to be a front for attracting investors into the scam. The company’s director, along with his partner—also an ex-military man—had been previously arrested on similar charges and are currently in custody at Yerawada jail. Police are now seeking court approval for further interrogation to gather more evidence and to identify if other individuals were ensnared by the scheme.
This incident is not isolated. In June, Indian authorities apprehended the founder of the Max Crypto Trading pyramid scheme, where over 50 investors lost $200,000. Similarly, in August, local police detained a man suspected of kidnapping promoters of the BitConnect crypto platform. These events highlight the need for cryptocurrency enthusiasts, Bitcoin miners, and financial analysts to exercise caution. Thoroughly vetting investment opportunities, particularly those promising high returns in a short timeframe, is crucial to avoid falling victim to such scams.
