November 14, 2021
Scam/Fraud

Man arrested for cheating people in ponzi scheme linked to cryptocurrency

The Economic Offence Wing of the Central Crime Branch police on Tuesday arrested a 39-year-old man for cheating over 2,000 investors in a multi-crore cryptocurrency trading and chain-link scheme. The accused, Ranganath D.S., launched an online company last year, called Digitechmark, which promised investors high returns.

He allegedly assured people that if they invested even ₹15,000 on his platform, he would be able to get them ₹1 lakh by December 2021 and ₹25 lakh by 2025. Those who invested ₹50,000 were promised ₹3 lakh by December 2021 and ₹2 crore by 2025.

“He claimed that he could make their principal grow by trading in the cryptocurrency, Tron,” said a CCB official. Tron is a blockchain-based decentralised platform designed to handle credit sharing, payment, etc., and share media content.

Ranganath convinced clients that Tron offered the fastest growth in the international market. He hired agents to market his…

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