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Crypto Scam: India Cracks Down on Japan-Linked $700K Fraud, Arrests 5 Suspects
In a surprising event, Indian police arrested five suspects, including one woman, in connection with a $700,000 crypto scam. Reportedly, the accused defrauded a businessman using a Japan-duped crypto trading platform.
Notably, the Indian government’s latest action underscores the growing concern over crypto scams in the country and demonstrates the authority’s firm commitment to combating these fraudulent schemes.
Indian Police Arrest Five in a $700K Crypto Scam
According to local reports, the Indian police arrested five suspects in a crypto scam that stole $700,000 from a businessman. Posing as a prominent Japanese crypto exchange, the alleged group of five individuals, defrauded the man. As per reports, the suspects were taken into custody following an investigation by the cybercrime wing of Odisha’s Crime Branch.
Significantly, the massive scam involved a bogus trading app called ZAIF, which offered promising returns of up to 200% on crypto investments. It is noteworthy that ZAIF is originally a reputable Japanese crypto exchange that fell victim to a $60 million hack. However, in this case, it is unlikely that the Japanese exchange is connected to the scam.