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Law enforcement officials in the state of Maharashtra (India) have just arrested suspects of organizing a fraudulent crypto scheme, CoinDesk has reported.
According to investigators, Riteish Dilip Kumar Sikligar and Mohan Patil promised investors high returns if they invested in SMP and Magic 3x digital assets. At the same time, the coins were not traded on any exchange.
The police has explained:
"The criminals lured customers by promising them interest rates of 0.05% to 1% per day, depending on the amount invested."
Over 1,400 people are believed to have fallen victim to the scam. Law enforcement officials have found it difficult to ascertain the exact amount of damages due to "discrepancies," however, they believe it could range from $6 million to $12 million.
