E-Paper
Delhi man arrested for duping citizens in crypto investment multi-level marketing scheme
The man was arrested from Dwarka house on Monday and produced in a special court in Pune which remanded him to five days in police custody
PUNE The Pune police cyber police station officials on Monday arrested a man from Delhi for allegedly duping multiple people from Pune by luring them into a lucrative investment scheme of cryptocurrency.
The man has allegedly duped multiple investors from Pune to the tune of ₹8,434,000 by offering them an investment scheme in style of multi-level marketing. The man has been identified as Ganesh Shivkumar Sagar, 47, a resident of Dwarka area of New Delhi according to the police.
A complaint in the matter was lodged by multiple investors who had attended conferences organised by the accused under the aegis of Dubai and England based companies. The two names used by the accused included Bitsolive Pvt Ltd from Dubai and Bulinfotech from England, according to a statement issued by cyber police station officials.
“For the investors, the accused had ensured that a crypto agency by the name of Cash Pheonix, an independent blockchain will be established. He gave false assurance that the rate of buxcoin will be raised enough to get good returns for all investors. Without delivering on the promises, after a period, the accused shut down the online platform, plans, website, and other portals and cheated the investors,” read the statement.
The man was arrested from Dwarka house on Monday and produced in a special court in Pune which remanded him to five days in police custody.
A case under Sections 406 (criminal breach of trust), 420 (cheating), and 34 (common intention) of Indian Penal Code and Section 66(d) of Information Technology Act, Sections 3 and 4 of Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 was registered at Cyber police station. The police are on a lookout for other accused in the case.
