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/latest/2018/08/indian-cryptocurrency-scammers-arrested-after-fraudulent-mlm-scheme-uncovered/
Indian Cryptocurrency Scammers Arrested After Authorities Uncover $1.4 Million MLM Scheme
indian-cryptocurrency-scammers-arrested-after-fraudulent-mlm-scheme-uncovered
Indian Cryptocurrency Scammers Arrested After Authorities Uncover $1.4 Million MLM Scheme
Five suspects in India have been arrested on charges of alleged involvement in a fraudulent cryptocurrency-related multi-level marketing (MLM) scheme.
$1.4 million worth of investments have been made so far by around 1,200 Indian investors who were promised high returns from CoinX Trading's questionable scheme.
The business offices of GRM Estates Pvt Ltd, a company based in the
state of Telangana, were recently raided by local authorities. According to Indian news outlet
, police officers arrested Gardesh Ramesh, the founder of CoinX Trading, a fraudulent crypto-related Multi-level marketing (MLM) scheme.
Four other suspects at the Secunderabad, Telangana-based real estate company have also been taken into police custody. During the raid, four sale deeds were seized. These were documents the suspects may have purchased by using their clients’ money, allegedly obtained through a questionable crypto MLM scheme.
officials reportedly seized $260,000 worth of property including two vehicles, nine cellphones, and cash. The police report noted that,
“The main accused Gardas Ramesh hatched a plan to gain illegal [access to] easy money [,which included] starting [an] MLM business in the name of Coinx Trading (Cryptocurrency/Bitcoin) and luring [the] gullible public with a promise of making them rich within a short period with high returns. Gardesh encouraged them to invest money in Coinx Trading which claimed to be registered in the US and the UK.”
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