Indian police probe $2.7m crypto scam promising fixed returns
Law enforcement in India launched an investigation into a crypto investment scam that duped locals out of millions after promising fixed monthly returns of 10%.
A Nov. 4 report from the Deccan Chronicle cited police officials who are investigating a cryptocurrency scam that targeted 320 people across the state of Andhra Pradesh.
Allegedly masterminded by just one individual identified as Ramanjaneyulu, the scheme has reportedly led to losses amounting to at least inr 23 crores (roughly $2.73 million), with some estimates suggesting the total sum could be higher.
Ramanjaneyulu attracted investors by assuring fixed monthly returns of 10% for every one-lakh-rupee investment made under the scheme. To lend…
