Indian Governments Seized $1.6 Million Worth of Bitcoin From the Creator of a Fraudulent App

 

The crime investigation department of the Indian police accused the criminal of converting money (that he had fraudulently gotten from his victim) into cryptocurrency so that the money will be untraceable.

The fraudulent game app ran for two years and was used to rake in a large amount of $1.6 million. The accused, a 25-year-old man, who goes by the name Aamir Khan, converted the money to approximately 86 Bitcoins and deposited it on the Binance network.

Recently, police investigation agencies invaded several institutions in the locality of Kolkata and successfully recovered some amount of money in the local currency worth $2.2 million.

The Ponzi Scheme Gaming App
The name of the gaming app was ‘E-Nugget’. It became popular in 2020 during the coronavirus lockdown. The Ponzi scheme gaming app allows users to deposit money on it to earn enticing rewards. The app attracted many victims. He later closed down the scheme which he used to defraud people of their money. He then hid away the money on the Binance network so that it would be untraceable.

India’s financial regulatory body (in the past few months) is tightening codes and principles of operation for Fintech companies and crypto exchange companies so that they can reduce crypto scams in India.

Learn from the market wizards: Books that will take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Robbie Burns

• 

  ADVFN News

• 

  Zak Mir

• 

  Alice Hudson