• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
India Crypto
Nexo

Indian Authorities Bust Crypto Racket, More Than $5M Stolen From Victims

Reynaldo Marquez by Reynaldo Marquez
3 months ago
in Crypto News
0

Per a report from The Times of India, an alleged crypto racket organization has been busted in the city of Nagpur. The report claims the organization drained off over Rs40 crore or $5.36 million using a shell company called “Ether Trade Asia”.

Related Reading | RBI Governor Calls Crypto A Threat To India’s Macroeconomic Financial Stability

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The crypto-based criminal operation could have had ties in multiple regions. 11 suspects were arrested during the weekend in a raid conducted in collaboration with different police departments, the report claims. According to Amitesh Kumar, Nagpur’ chief police,

The gang was staying in a duplex with friends, families and others. Wives and children of many too were present when cops zeroed in on the gang.

Kumar made these statements in a press briefing last Saturday and stated that the operation might have stolen more than the aforementioned number. The different police departments working in collaboration were able to seize several luxury vehicles and other high-end items, the report said, including multiple firearms and ammunition.

According to the authorities, an estimated 170 people were victims of the crypto racket. These victims lost million in U.S. dollars by apparently using a website to send ETH in hopes of turning in a profit.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The police identified Nishid Wasnik and his spouse Pragati Wasnik, and their assistants Gajan Mungune, and Sandesh Lanjewar as the alleged suspect behind the crypto racket, The Times of India reported. The suspects were supposedly on the run from the authorities but were finally caught with “the help of cyber techniques”.

In addition to the crypto-related criminal activity, the suspect has been accused of allegedly kidnapping and murdering Madhav Pawar, a former member of the operation, in 2021. Pawar apparently withheld information on a “crucial transaction” that pointed the authorities to Wasnik, the main suspect behind the gruesome crime.

Crypto Racket Stole Over 1,500 ETH, What The Authorities Suspect

Further information provided by the authorities claims the alleged Wasnik led gang has been under the protection of a criminal organization based in Pune since 2017. During this period up to the arrest, the gang has been capturing people to steal their funds in Ethereum (ETH). Chief Police Kumar said:

The racketeers misappropriated around 1,500-2,000 Ethers (a type of cryptocurrency) each valued at around Rs 2.25 lakh (over $2,000). They also duped investors in cash transaction indicating that the fraud could be worth several crores mores (several millions in USD).

Apparently, the gang used to throw luxury events in the Pachmarhi to attract potential victims. These people were instructed to purchase ETH and sent to Ether Trade Asia, the website and front of the criminal operation. The Chief Police added:

On the website, the gang projected a notional benefit to each investor but siphoned of their Ethers to benefit Wasnik and his aides. Wasnisk and his gang seemed to have transferred hugh number of Ethers to some other site or monetized them to support his lavish lifestyle.

Related Reading | Data Shows Bitfinex Hack Woke Up Largest Ever 5yr+ Bitcoin Supply

As of press time, ETH trades at $2,632 with a 1.2% and 8.9% loss in the last day and 7-days, respectively.

Ethereum ETH ETHUSD Crypto
ETH trends to the downside on the 4-hour chart. Source: ETHUSD Tradingview
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Goldman

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

8 hours ago
crypto

Crypto Regulators From 5 Countries Identify A Potential $1 Billion Ponzi Scheme

1 day ago
Kraken

Kraken CEO Shuts Down San Francisco Headquarters – Here’s Why

1 day ago
Stablecoins

Stablecoins Receive Queen’s Blessings As UK Braces For Landmark Crypto Legislation

1 day ago
LUNA

LUNA Investors ‘Suicidal’ After Crypto’s Collapse – Do Kwon Says He’s ‘Heartbroken’

2 days ago
Coinbase

Coinbase Witnesses Major Outage Amidst Continued Crypto Bloodbath

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.