Fraud bitcoin scheme busted, 2 men arrested
■ Both residents of Sonepat
A team of Delhi police’s special cell has unearthed a fraudulent multilevel marketing scheme on bitcoin investment and inducement on high returns with the arrest of two accused persons.
The police said that a total of 5,000 different IDs were found to have invested in the fraudulent scheme. The mastermind was evading arrest and identification by shifting his base and did not maintain any contact with his associate.
Mastermind Deepak Jangra ( 37) and Deepak Malhotra ( 56), both residents of Sonepat in Haryana, launched the fraudulent scheme on the pretext of high returns on bitcoin investment. Their online portal claimed that the returns would be on the basis of bitcoin mining and trading. It also falsely claimed to be operated by a US based company.
For the purpose of selling the idea to the public, he needed a good marketing person. He roped in Deepak Malhotra for the same. A new office was established at Best Sky Tower in Netaji Subhash Place, New Delhi. Jangra further added various members on the lines of the model ensuring high returns to the investors.
When the regular payouts stopped, the investors started questioning the company. At this, Jangra came up with the new plan of launching new crypto currency. He had planned to shift his investors on his new model but by that time the rising debt and the daily pressure from the investors was increasing day by day.
A complaint was received at cyber crime cell in which it was alleged that multiple investors were duped by a fraudulent scheme started by accused Jangra and Malhotra.
Raids were conducted at Jangra’s probable hideouts and he was apprehended on 11 April, said the police.