Thane Police Arrests Man For US$31 Million Cryptocurrency Scam
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The cryptocurrency scam allegedly involved Ritesh Panchal, also known as Ritesh Sikalgir, luring investors across India. So far, 24 investors have reported losing a total of 4.4 million rupees. The investigating officer stated that as more people come forward, the police anticipate a rise in number. The plan consisted of drawing investors with claims of enormous rates of return. The rate of return increased as their investment did. SMP and Magic 3x were the names of the crypto coins. There was no exchange listing for them.
The officer stated,
"In court, while securing custody, we stated that based on currently available information, the scam is worth 6 crores ($750,000), but we estimate the amount to be upwards of 50 crores and below 100 crores. Some discrepancies in the amount of money associated with each of the 1,400 or so investors have emerged."
The source further mentioned that several properties have so far been discovered in Bhiwandi and the Uran district of Navi Mumbai.
Scam Victims Register Complaints
Based on complaints from the victim investors of the fake cryptocurrency scam, the local police station has filed a crime under sections 420 (cheating), 406 (criminal breach of trust by a public servant, banker, merchant, or agent), and 34 of the IPC, as well as section 3 of the Maharashtra Protection of Interest of Depositors (MPID) Act.