A Pune lawyer has filed an FIR after being conned of Rs 42 crores in a Bitcoin scam by BitConnect, a crypto investment platform. For the upcoming generation, the blockchain industry is about to evolve drastically; therefore, investing in cryptocurrency now would be a great choice. You can expect massive returns and profits from your investments soon.
But, as promising as the returns from Bitcoin or any other cryptocurrency seem right now, one must be aware of the ongoing scams. Recently, a lawyer has been a victim of the ongoing cryptocurrency scams in India and worldwide. According to the FIR registered, BitConnect is to be held responsible for conning the lawyer from Kondhwa Budruk, Pune.
The reports registered with the crime branch state that the lawyer had bought 54 bitcoins by investing 49 lakhs. The investment platform, BitConnect, had promised the lawyer a return worth 166 Bitcoins. But, instead of getting his returns, the lawyer was made to invest further in various Ponzi schemes.
The amount of investment made by the lawyer in BitConnect
As per the FIR filed on Tuesday, BitConnect’s owner and six of his allies duped the Pune lawyer, and made him invest and reinvest an amount of no less than Rs 42 crores, which accounts for approximately 220 Bitcoins.
The owner and founder of BitConnect, Satish Kumbhani, was booked on Tuesday based on the allegations registered in the FIR. As per the statement released by the Pune police, Kumbhani and his allies were working on a virtual currency scam to loot heavy sums of money by misleading innocent investors.