Indian Police Uncovered a Crypto Ponzi Scheme in Pune
The cyber crime department of the police in Pune, the second largest city in the Indian state of Maharashtra, cracked a cryptocurrency-related Ponzi scheme, the local media outlet The Times of India reports.
Police have been after the ring members since January. Ten persons involved in the fraudulent activities, including the mastermind on the scheme Amit Bhardwaj, have now been arrested. He and is accomplices defrauded nearly 8,000 unsuspecting investors out of their money to the tune of millions of dollars.
According to the investigators, Bhardwaj promised a guaranteed monthly return over 10% to lure investors…