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Five people accused of defrauding investors in a crypto scam in India.

Five people have been accused of cheating investors of over Rs 26 lakh ($34,000) in a cryptocurrency scam in Maharashtra's Pa
Five people have been accused of cheating investors of over Rs 26 lakh ($34,000) in a cryptocurrency scam in Maharashtra’s Palghar district, India.

According to the IndianExpress news report, a case has been registered against five people for allegedly cheating investors of over Rs 26 lakh, roughly $34,000, in a cryptocurrency scam in Maharashtra’s Palghar district in India, police said on Saturday. Palghar police’s public relations officer Sachin Navadkar informed that the main accused had lured investors with the promise of higher returns in a cryptocurrency scheme between 2017 and 2020.

The alleged scammer had collected funds via cheques and cash.

The accused had taken over 26 lakh rupees ($34,000) from the investors via cheques and cash, and when investors sought returns, the alleged fraudsters gave evasive replies. A case has been registered against the five alleged fraudsters under sections 420 (cheating) rw 34 of the Indian Penal Code. No one has been arrested so far in the case. Crypto scams all around the world have increased amid the pandemic as fraudsters unleash a surge in crypto scams. Earlier this year, the Supreme Court of India had lifted the banking ban on the crypto industry in India in a historical decision.

Indian crypto industry continues to grow since the Supreme court’s historic decision.

The Indian crypto industry has witnessed several positive developments since the Supreme Court’s historic decision earlier this year. The highest court of India called the Reserve Bank of India’s decision to put a banking ban on crypto unconstitutional. Since that historic decision, several crypto exchanges have started operating, and many companies have invested in cryptocurrency and blockchain startups in the country. However, there is still a threat looming around the legality of cryptocurrency in India as there are no regulations in the country regarding the use of crypto. As reported earlier, the Indian government is planning to introduce a law that could potentially make the use of crypto illegal.

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