In Thane district, Maharashtra state, India, 19 members of one family are accused of defrauding two brothers of more than one crore rupees (approximately $119,000) through a cryptocurrency scam.
The victims were assured of high returns on their investments. The total investment amount exceeded $119,000. The accused promised to multiply the invested funds 12 times, which prompted the brothers to invest $109,000 and $30.6 thousand since March 2022, according to The Economic Times.
When the promised returns were not received and the accused disappeared, the brothers began to suspect foul play. One of them, a 42-year-old man, approached the police after he was threatened, with the suspects citing connections to influential people.
The suspects, whose names are mentioned in the case, are Sabir Yakub Gachi (50 years old), Shakir Yakub Gachi (45 years old), and Ruhikha Shakir Gachi (39 years old). The case has been registered under the Indian Penal Code and the Maharashtra Protection of Interest of Depositors Act 1999. So far, no arrests have been made in the case.
Cryptocurrencies are a decentralized form of currency, based on cryptography to secure transactions.