Authorities bust $5.4 million cryptocurrency scam, 11 people arrested

Authorities have arrested eleven individuals over a cryptocurrency scam that stole a whopping $5.36 million from investors.

@JakConnorTT
Published Wed, Feb 23 2022 2:03 AM CST   |   Updated Sun, Mar 20 2022 5:46 PM CDT

A new report has revealed that Indian authorities have arrested eleven individuals for a cryptocurrency scam that allegedly stole $5.36 million from investors.

Authorities bust .4 million cryptocurrency scam, 11 people arrested 01 | TweakTown.com
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According to the Times of India, authorities in Nagpur have seized gold, a collection of "high-end vehicles" that are estimated to be worth around $134,000, a laptop, multiple cell phones, a gun with ammo, and $25,000 in cash. The report states that police raided the building and arrested four individuals that were later identified as Nishid Wasnik and his wife, Pragati, Gajanan Mungune, and Sandesh Lanjewar.

The following day the remaining seven alleged accomplices were arrested, and all were charged under the IPC, Maharashtra Protection of Interest of Depositors Act, and Information Technology Act. Three of the arrested individuals have been on the run for over a year for a scam that dates back to 2017.

Authorities bust $5.4 million cryptocurrency scam, 11 people arrested 03 | TweakTown.com

According to authorities, the scam encouraged investors to purchase Ethereum from a website called ZebPay, but when an investor attempted to purchase, they were redirected to scammers website which siphoned off Ethers from investors. Authorities have also said the group of scammers is being investigated for more cryptocurrency transactions worth around $5.4 million.

"On the website, the gang projected a notional benefit to each investor, but siphoned off their Ethers to benefit Wasnik and his aides. Wasnik and his gang seemed to have transferred huge numbers of Ethers to some other site or monetized them to support his lavish lifestyle," said Commissioner of Police Amitesh Kumar.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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